The BTC price has not seen any huge price rallies of late. Although El Salvador’s decision and Elon Musk’s recent tweet have given it a decent pump, no major movements have happened. Bitcoin is still in consolidation and struggling to power through the $40K mark. Amidst the uncertainty, there’s something to look forward to.
Popular Analyst and trader Justin Bennett in a new strategy session has given out a theory as to what could trigger a major price movement.
He believes that monthly futures expiration dates have had a significant role in Bitcoin price movement, frequently aligning with local tops and bottoms.
According to Bennett, if Bitcoin’s price follows monthly futures expirations, it may also follow quarterly expirations. He points out that BTC Q2 futures expire on June 25th, potentially signaling a bottom for Bitcoin and the broader crypto markets.
My theory is that if Bitcoin has followed monthly futures expirations… then it stands to reason that it could also be following quarterly futures expirations. And if that’s the case, we saw the top shortly after April started, and if this is the case, if this theory holds up, then we could see cryptos bottom sometime around June 25th.
Bennett also considers the possibility that Bitcoin and the rest of the crypto markets will be under pressure until then. He later adds, although it’s just a theory given the track record of monthly futures expiration, it’s only sane to keep an eye out for June 25.
At the time of writing, Bitcoin is trading at $39643.23 and is up by 10.2% in the last 24 hours.