Since 2017, during the “ghost month” (the seventh month of the lunar calendar), Bitcoin has fallen sharply seven times in a row, with an average monthly decline of nearly 20%. This year’s ghost month began on August 4 and ended on September 2.
Written by: @honey_xbt, this article was written on September 14, 2023
Compiled by Nicky, Foresight News
Throughout history, every month carries unique cultural implications and folklore, and the seventh month of the lunar calendar, "Ghost Month," has attracted countless people's attention with its unique mystery. However, when this supernatural atmosphere is intertwined with the fluctuations of the Bitcoin market, what kind of sparks will collide?
It should be made clear that "Ghost Month" as a cultural phenomenon does not directly affect the rise and fall of the market. But it is undeniable that people's psychological expectations, risk preferences and even capital flows may be affected by this cultural factor, thus indirectly affecting the market to some extent. So, how did the price of Bitcoin perform in the "Ghost Month" over the years? Did it continue the mystery of "Ghost Month" or show a different rationality and stability?
In Asian culture, the seventh lunar month is often considered an unlucky month. In this article, the author analyzes the trend data of Bitcoin during the Ghost Month. The following is the specific situation:
In 2017, the ghost month began on August 22 and ended on September 19. During this period, the price of Bitcoin plummeted from a high of nearly $5,000 to around $3,000, a drop of nearly 40%.
In 2018, the ghost month began on August 11 and ended on September 9. During this period, the price of Bitcoin fell from a high of nearly $7,400 to around $6,200, a drop of nearly 16%.
In 2019, the ghost month started on August 1 and ended on August 29. During this period, the price of Bitcoin fell from a high of nearly $12,000 to around $9,500, a drop of nearly 21%.
In 2020, the ghost month began on August 19 and ended on September 16. During this period, the price of Bitcoin fell from a high of nearly $12,000 to around $10,000, a drop of nearly 17%.
In 2021, the ghost month starts on August 8 and ends on September 6. During this period, the price of Bitcoin fell from a high of nearly $52,000 to around $44,000, a drop of nearly 15%.
In 2022, the ghost month starts on July 29 and ends on August 26. During this period, the price of Bitcoin fell from a high of nearly $25,000 to around $20,000, a drop of nearly 20%.
This year, 2023, the ghost month began on August 16, and interestingly, the next day, the price of Bitcoin plummeted from a high of nearly $29,000 to nearly $25,000. If we analyze it carefully, Bitcoin has fallen by about 15% that month.
Why September is usually a negative month for Bitcoin may have something to do with the Ghost Month. Since the seventh lunar month, also known as the Ghost Month, often falls in September, this may cause Bitcoin to underperform during this time and have negative returns.
Today, as the second day of the Ghost Month in 2024, the price of Bitcoin has once again seen a significant drop, which further confirms the instability of the market during the Ghost Month.
