Exploring the Possibilities of Bitcoin and Astrology During Mercury Retrograde | Bitcoinist.com
For years, Bitcoin investors have applied a number of factors and events in an effort to predict where the cryptocurrency’s price is headed next. With the popularity of astrology, it is also no surprise that it has made its way into the Bitcoin and crypto industry, and astrologers have begun applying it to BTC’s price movements. One major event in astrology is “Mercury in Retrograde” and an analyst has outlined how this could possibly affect the Bitcoin price.
What Mercury In Retrograde Does For Bitcoin
In scientific terms, “Mercury In Retrograde” means a period of time when the inner planet changes its course of orbiting around the sun. During this time, its movement seems to be reversed, with the planet moving from east to west instead of its usual west to east movement. This phenomenon usually only lasts a few weeks at a time before the planet corrects its movement once more.
However, in astrology, especially in Western astrology, there are more significant implications for “Mercury In Retrograde.” For one, 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, the astrologers believe that plans will be put on hold.
One crypto analyst, PS Trade, has now taken the astrological phenomenon and ascribed it to the Bitcoin price movements. In particular, the crypto analyst has outlined a particular “coincidence” that seems to be repeating itself in the Bitcoin price whenever Mercury is in Retrograde.
The analyst outlines two different cycles of 4 and 9 each, with the latter being bearish and the former being more bullish. PS Trade explains that the 4 cycles of Mercury In Retrograde usually signal a continuation of the bearish trend. However, the 9 cycles of Mercury In Retrograde often means that the current growth trend will continue.
Presently, 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 the analyst revealed, Mercury In Retrograde is currently in its fifth cycle, which is out of the 4-cycle bearish range that signals a correction.
From here, the crypto analyst’s chart shows a steady increase in price going into the next year. This recovery is expected to take the Bitcoin price to new all-time highs, topping out just below a price of $1.3 million in November 2026.
If the Bitcoin price follows this prediction, it will rise by over 2,000% in the next two years. In this case, the crypto market would clear the $10 trillion market cap, taking the altcoin market along for the ride as well.
BTC price establishing support at $57,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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