Over the years, Bitcoin investors have utilized various factors and events to try to predict the direction of the cryptocurrency’s price. In recent times, astrology has also found its way into the Bitcoin and crypto industry, with astrologers now applying it to BTC’s price movements. One significant astrological event that has caught the attention of analysts is “Mercury in Retrograde,” and there are speculations on how this could impact the Bitcoin price.
When Mercury is in retrograde, it signifies a period when the inner planet alters its orbit around the sun. During this time, it appears as if the planet is moving in reverse, from east to west instead of its usual west to east movement. While this phenomenon only lasts for a few weeks before the planet corrects its course, in astrology, especially in Western astrology, “Mercury in Retrograde” holds deeper significance. Followers of this belief system view it as a challenging time to initiate new endeavors, as plans may face delays or obstacles.
One crypto analyst, known as PS Trade, has taken this astrological phenomenon and linked it to Bitcoin price movements. By analyzing past data, the analyst has identified a pattern that seems to correlate with the Bitcoin price whenever Mercury is in retrograde. The analyst has outlined two cycles, one of 4 and the other of 9, with the former indicating a bearish trend and the latter suggesting a bullish trend. According to PS Trade, the 4 cycles of Mercury in retrograde usually point towards a continuation of the bearish trend, while the 9 cycles often indicate a continuation of the growth trend.
Currently, as Mercury enters retrograde on August 6, 2024, and is expected to last until August 28, 2024, there is optimism for a potential price recovery. The analyst notes that Mercury is currently in its fifth cycle, which is beyond the 4-cycle bearish range, signaling a potential upward correction. The analyst’s chart predicts a steady increase in the Bitcoin price over the coming year, with expectations of reaching new all-time highs, peaking just below $1.3 million in November 2026.
If the Bitcoin price aligns with this forecast, it could see a surge of over 2,000% in the next two years, propelling the crypto market to surpass a $10 trillion market cap and benefiting the altcoin market as well. The chart provided by the analyst depicts BTC price establishing support at $57,000, indicating a positive trajectory for the cryptocurrency.
In conclusion, while astrology may seem like an unconventional method for predicting Bitcoin price movements, some analysts believe that there could be a correlation between astrological events like “Mercury in Retrograde” and the cryptocurrency’s performance. As the crypto market continues to evolve, it will be interesting to see how these astrological factors play a role in shaping investor sentiment and market trends.
