Magic Number? Chart Data Hints at June 6 Bitcoin Boost

A major reprieve just may be in the offing for the battered bitcoin bulls in the next 36 hours – if, that is, historical patterns repeat themselves.

Intriguingly, the cryptocurrency tends to take a significant change of direction on the sixth day of every month.

Having topped out in the $20,000 neighborhood in mid-December 2017, the cryptocurrency fell to a 2018 low of $6,000 on Feb. 6. Since then, the cryptocurrency has been restricted to a narrowing price range, as indicated by the triangle pattern in the chart below.

What’s more interesting is that major price highs and lows over that time have formed around the sixth day of every month.

BTC daily chart

The above chart (prices as per Bitfinex) shows:

• Bitcoin bottomed out or turned higher from $6,000 on Feb. 6 and $6,500 on April 6.
• The lower highs – $11,700 and $9,990 – were created on March 5 and May 5, respectively.
• The yearly high of $17,252 was also set on Jan. 6.

Clearly, the tide rebounds in favor of the weaker…