For years, bitcoin investors have applied a number of factors and events in an effort to predict where the price of the cryptocurrency will head. With the popularity of astrology, it is also no surprise that it has made its way into the bitcoin and cryptocurrency industry, and astrologers have begun applying it to btc price movements. One major event in astrology is “Mercury in Retrograde” and one analyst has outlined how this could possibly affect the price of bitcoin.
What does Mercury retrograde do for bitcoin?
In scientific terms, “Mercury retrograde” means a period of time when the inner planet changes its orbital path around the Sun. During this time, its motion appears to reverse, as the planet moves from east to west instead of its usual west to east motion. This phenomenon usually lasts only a few weeks before the planet corrects its motion once again.
However, in astrology, especially Western astrology, there are more significant implications to “Mercury in retrograde.” On the one hand, those who follow this school of thought believe that it can be a bad time to start something new. This could be a new job or a new venture. During this time, astrologers believe that plans will be put on hold.
A cryptocurrency analyst, PS Trade, has taken the astrological phenomenon and attributed it to bitcoin's price movements. In particular, the cryptocurrency analyst has bitcoin–btc-price-for-10-years/” rel=”nofollow noopener” target=”_blank”>outlined a particular “coincidence” that seems to repeat itself in the bitcoin-news/bitcoin-price-analysis-what-lies-on-the-horizon-after-crashing-below-50000/” rel=”nofollow noopener” target=”_blank”>bitcoin Price whenever Mercury is retrograde.
The analyst describes two different cycles of 4 and 9 each, with the latter being bearish and the latter more bullish. PS Trade explains that 4 cycles of Mercury in retrograde usually indicate a continuation of the downtrend. However, 9 cycles of Mercury in retrograde often mean that the current growth trend will continue.
Currently, as Mercury enters retrograde on August 6, 2024, and is expected to last until August 28, 2024, there could be hope for a continuation of the price recovery. As revealed by the analyst, Mercury in retrograde is currently in its 5th cycle, which is outside the 4-cycle bearish range that indicates a correction.
From here, the cryptocurrency analyst's chart shows a steady rise in price heading into next year. This recovery is expected to take place btc/bitcoin-price-plunge-53k/” rel=”nofollow noopener” target=”_blank”>bitcoin price hits new all-time highsreaching a price just below $1.3 million in November 2026.
If the bitcoin price follows this prediction, it will increase by more than 2000% in the next two years. In this case, the cryptocurrency market would surpass the market capitalization of $10 trillion, which would also drag down the altcoin market.
Featured image created with Dall.E, chart from Tradingview.com
