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Bitcoin may be stuck in limbo until October, according to crypto analyst Josh Olszewicz, who delivered a sobering assessment of the current market setup during his August 3 video analysis. The veteran trader described Bitcoin’s technicals and seasonal context as fundamentally uninviting, cautioning that “there’s nothing to do” until a more compelling risk-reward profile emerges—likely not before Q4.
Bitcoin Bulls On Pause
Olszewicz began by referencing last week’s Bollinger Band squeeze, a technical pattern that often precedes significant volatility. The squeeze resolved to the downside following a combination of weak US jobs data, negative ETF flows, and escalating geopolitical tensions—including reports of US nuclear submarine movements near Russia. “Markets certainly didn’t like that,” he remarked.
The ETF flow data was central to his outlook. While Ethereum recently saw a resurgence in ETF inflows—contributing to one of its strongest Julys ever—Bitcoin’s flows flipped negative. “Flows, if anything, are what can save us in these two months of doldrums,” he said, referring to August and September. Yet, the current trajectory shows little promise of reversal. “The decision tree got a lot wider after breaking down,” he explained. “Because in the next two months, it’s generally junk. That’s just what it is.”
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Olszewicz underscored the seasonal softness of Q3 for both equities and crypto, particularly emphasizing that historically, August and September are…
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