Tue 25 Jun 2024 ▪3min read ▪ byLuc Jose A.
As we are just a week away from July, all eyes are on Bitcoin, the flagship cryptocurrency that, despite its current decline, could see its value soar next month. Historically, the month of July has proven to be a period of significant gains for Bitcoin, offering lucrative opportunities for savvy investors. In light of past trends and new promising data, what are the prospects for Bitcoin in July 2024?
July, a month of historical gains for Bitcoin
A glimmer of hope in these challenging times! Since 2013, CoinGlass data shows that July has consistently been a favorable month for Bitcoin, with significant gains recorded almost every year. On average, the queen of cryptos has experienced a 7.98% increase in July, while the median gain stands at 9.6%. A notable example is July 2020, when Bitcoin recorded an impressive 24% rise, marking the beginning of a major bull cycle. These repeated performances suggest a robust trend, offering investors optimistic prospects for the upcoming month.
CoinGlass analysts are particularly focused on this month, noting that, if the historical trend persists, Bitcoin could see a 10% to 25% increase by the end of July. This projection is supported by analysis of past market cycles and price patterns, indicating a high probability of significant gains. However, it should be noted that these forecasts, while encouraging, are not guarantees, and investors should remain vigilant to potential market fluctuations.
Current market challenges and future prospects
Recently, Bitcoin has experienced a notable drop, with its price falling more than 7% in a week, dipping below the $60,000 mark. This decline is largely attributed to a waning interest in Bitcoin ETFs among major market players. For example, the Fidelity Wise Origin Bitcoin Fund recorded outflows of $44.8 million, while the Grayscale Bitcoin Trust saw outflows of $34.2 million in a single day. These massive outflows reflect a decrease in institutional investor confidence, which has exerted additional pressure on Bitcoin’s price.
Despite these challenges, some analysts remain optimistic about a possible trend reversal. According to the Pi Cycle Top indicator, Bitcoin’s price has fallen below its market low point for the first time in 2024, suggesting an imminent recovery. Technical analysis also supports this perspective, with signs of increasing buying pressure that could counteract the bearish trend. If these indicators are confirmed, Bitcoin could not only recover its recent losses but also reach new highs in the coming weeks.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
