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Bitcoin Prepares for Summer Lull: Tone Vays, Bill Miller Remain Bullish

2 mins
Updated by Bary Rahma
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In Brief

  • Bitcoin trading volumes tends to drop in Q3.
  • As a result, Tone Vays predicts consolidation.
  • Bill Miller believes Bitcoin remains undervalued.
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As June unfolds, Bitcoin, altcoins, and traditional financial markets enter the usual summer trading lull. 

Historically, Q3 has seen significantly lower trading volumes, with Bitcoin trading volumes dropping over 40% compared to the highest-volume quarter.

The Bitcoin Summer Lull Will End in a Bullish Breakout

According to blockchain research firm Kaiko, in Q3 2023, BTC-USD volumes hit a multi-year low of $44 billion despite the anticipation surrounding BlackRock’s spot Bitcoin exchange-traded fund (ETF) filing. Tightening regulations and the recent fallout from US banking turmoil contributed to this trend. 

Interestingly, the launch of 11 spot Bitcoin ETFs in the US has improved price discovery and liquidity, offering hope that this summer might not see such drastic lows.

“Nevertheless, the increasing interconnectedness between cryptocurrency and traditional financial markets could pose risks and potentially exacerbate the trend of low-volume trading,” researchers at Kaiko wrote

Bitcoin Historical Trading Volume
Bitcoin Historical Trading Volume. Source: Kaiko

Likewise, analyst and derivatives trader Tone Vays predicts consolidation for another month or two before a significant upward movement. He remains optimistic about Bitcoin but maintains that a range-bound period is likely, with the potential for a breakout towards the next Fibonacci extension of $102,000. 

“The monthly chart is on an MRI sell. The MRI top is in consolidation, so there is a high probability we will set up for a second consecutive weekly MRI top and then hopefully a third as well,” Vays explained.

Bill Miller, CIO of Miller Value Partners, also remains bullish on Bitcoin despite potential short-term consolidation. He emphasized Bitcoin’s role as a disruptive technology in the financial sector. 

He pointed out that traditional monetary systems are prone to human error and political influence, leading to currency debasement. In contrast, Bitcoin offers a transparent, decentralized ledger that enables secure and permissionless transfer of property rights. 

“Despite Bitcoin recently hitting new highs against every fiat currency, I believe Bitcoin today is still significantly undervalued and that the world is likely in the early stages of a secular shift around how humans think about capital and its governance,” Miller said.

Miller further argued that Bitcoin’s intrinsic value is far greater than its current market capitalization of $1.5 trillion.

Read more: Bitcoin (BTC) Price Prediction 2024 / 2025 / 2030

The summer lull may present a period of consolidation for Bitcoin, but the underlying fundamentals and bullish sentiments from experts like Vays and Miller indicate a bright future. 

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Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...