Bitcoin price is at a pivotal level, close to making it clear the bearish trend has ended and a new uptrend has begun.
Coincidentally, the top cryptocurrency is on the cusp of a new bull run, just as the first of four supermoons of 2023 arrive. Keep reading to learn more about the significance of July’s “Buck moon.”
As BTCUSD sets new daily, weekly, and 2023 highs, it is becoming increasingly apparent that bears are no longer in control. However, the crypto winter was so painful, bystanders are still awaiting a move with more significance — a return to the days of “to the moon.”
This could be around the corner, starting with the current full moon. Much like the moon can control the ebb and flow of the tides, in astrology, the moon is responsible for changes in mood. A coinciding rally across crypto with a major astrological mood change could lead to a larger shift in the trend from bearish to bullish.
This month’s full moon, beginning today, isn’t just any moon, either. It is a supermoon referred to as the “Buck Moon.” But does this mean that BTC will finally buck the bearish trend, or is all just superstition?
The chart above does indeed appear to show back and forth swings in price that relate to the phases of the moon. Financial astrology, including the use of the moon in technical analysis, isn’t as uncommon as you think.
A supermoon simple means the moon is closer to Earth than usual. But the Buck Moon comes specially in July and earns its name, as that’s when antlers in male deer — called bucks — are in peak growth mode. In terms of symbolism in crypto, Bitcoin bulls could also be about to get their horns, and push BTCUSD into full growth mode.
The term buck is also inherently tied to the origins of money. You might have heard the dollar referred to as a “buck.” This is because deerskins were traded as early currency. So, will buying Bitcoin on this specific supermoon make you a buck? Trading because of a moon phase is never a wise decision. But if bulls do get their horns like deer get their antlers, this moon phase might only be beginning.
Tonight is the “Buck Moon” supermoon. Will it change the tides across the crypto market? pic.twitter.com/Fb05fkE7FH
— CoinChartist (@coinchartist_io) July 3, 2023