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HELLO out there in the world of Bitcoin!
My name is Trevor and it is now officially June!
This means I get to update the monthly historical chart for Bitcoin, yeehaw!
Read it and weep!
No seriously, some of us might actually be weeping right now.
Bitcoin closed over 50% lower than it opened at for the month of May.
That is a HUGE drop coming close to being one of Bitcoin's largest-ever corrections.
Prior to this monthly close, we have only seen a drop this large 5 times in Bitcoin's history.
Wrapping up the month of May we have now hit 2 months in the Red after going 6 months in the Green.
With many under the assumption we are still in a Bull Market, it will be interesting to see where things end up in June here.
That's admittedly a pretty scary and risky assumption to make towards the end of any Bull Market.
However!
The volume after this latest drop has been going absolutely insane!
In fact, it's the type of volume we would have needed for the recent All-Time Highs to be fully validated.
The recent pumps were exciting, yes, but the volume to sustain those levels were extremely low back then.
The volume now looks like it has tripled on every chart out there...
"What the heck could that possibly mean Trevor?"
Well, it could really only mean 2 things!
1. The Bull Market is "almost" over and investors are gearing up for one last pump
or
2. The Bull Market is already over and this giant wave of new money wants to get wrecked
I am leaning more towards the 1st scenario!
It might feel like the Bull Market is over and it might feel that way for a few months.
After more crowds catch onto the incoming volume and Bitcoin finds its support.
It's to the Moon for Bitcoin one last time to close out the cycle.
What does everyone think about the current state of Bitcoin?
I would love to hear what people have to say about the charts in the comments section or if you just want to say "Hi" that's always cool too!
Thank you for stopping by to check out the chart for Bitcoin's Monthly Historical!
I will see all of you next time and hope you all have another BEAUTIFUL day in crypto!
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