July 15, 2024
Bitcoin Price is $62,750, Historical Patterns Point to July Rebound
Bitcoin price today

Bitcoin Price is $62,750, Historical Patterns Point to July Rebound

Monday, July 1, 2024: Bitcoin Price Today is $62,750. Bitcoin may see a strong rebound in July following a lackluster performance in June, which saw Bitcoin falling almost 7% in the month. The Bitcoin price historically averaged a slump of 0.35% in June, according to data from Coinglass, which tracks the monthly returns of Bitcoin beginning in 2013.

Source: TradingView

The data shows that in previous years, whenever June ended in a downtrend, the following month saw a roaring comeback, with Bitcoin gaining an average of 7.42% historically. Overall, BTC has posted minimum monthly gains of 8% for seven of the last 11 July trading periods.

Historically, Bitcoin has performed strongly in July when June ended in a decline. Source: CoinGlass

Memecoin Analyst’s Insights

Memecoin analyst Murad also highlighted this in a post to their 103,000 followers on X, pointing to the swift historical rebounds beginning in July. Murad noted that Bitcoin had posted minimum gains of 28% in the first few weeks of every July for the last six consecutive years. However, several analysts predict July could be tougher than usual.

Source: Murad

They point to the sizeable sale of Bitcoin by the German government and the upcoming Mt. Gox repayments, which could put pressure on the Bitcoin Price. The repayments are expected to see around $8.5 billion in BTC paid back to creditors starting in the first week of July.

Market Impact and Predictions on Bitcoin Price

However, several analysts believe the impact of these repayments may not be as dire as many investors expect, with only $4 billion set to hit the spot BTC market. Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, said in a recent interview that Bitcoin had been trading strongly in a low to mid $60,000 range despite headwinds.

He said he expects the asset to hold around this level but could fall to its “key support” level at around $57,000 in the coming weeks as Mt. Gox creditor repayments hit the market. Historically, Bitcoin’s best monthly performance tends to arrive in November, with an average monthly gain of 46.81% since 2013.

Image by WorldSpectrum from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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