Magic Number? Chart Data Hints at June 6 Bitcoin Boost

A major reprieve just may be in the offing for the battered bitcoin bulls in the next 36 hours - if, that is, historical patterns repeat themselves.

Intriguingly, the cryptocurrency tends to take a significant change of direction on the sixth day of every month.

Having topped out in the $20,000 neighborhood in mid-December 2017, the cryptocurrency fell to a 2018 low of $6,000 on Feb. 6.

The cryptocurrency has been restricted to a narrowing price range, as indicated by the triangle pattern in the chart below.

What's more interesting is that major price highs and lows over that time have formed around the sixth day of every month.

Bitcoin bottomed out or turned higher from $6,000 on Feb. 6 and $6,500 on April 6.

The yearly high of $17,252 was also set on Jan. 6.

The cryptocurrency has found acceptance below.

As always, nothing is guaranteed when it comes to bitcoin price movements.

Just possibly, the cryptocurrency could pick up a strong bid tomorrow, in line with the historical pattern.