July could herald a significant upswing for Bitcoin, bouncing back from a subdued June where it experienced a near 7% dip. Historically, Bitcoin’s price (BTC) has seen an average June decline of 0.35%, as per Coinglass data, which has been monitoring Bitcoin’s monthly performance since 2013. This trend suggests that a June downturn often precedes a robust July rally, with Bitcoin historically climbing by an average of 7.42%. In fact, for seven out of the past 11 years, BTC has consistently logged at least 8% gains in July.
When June concludes on a downward note, Bitcoin typically shines in July, as reported by CoinGlass. Echoing this sentiment, Memecoin expert Murad shared insights with their 103,000 X platform followers, indicating the prompt recoveries that kick off in July. Murad observed that, over the past six years, Bitcoin has consistently achieved a minimum of 28% gains in the initial weeks of July.
Source: Murad
Yet, some market analysts are bracing for a challenging July. They cite the substantial Bitcoin offloading by the German government and the impending Mt. Gox disbursements as potential downward pressures on Bitcoin’s value. The anticipated Mt. Gox repayments, slated to commence in early July, are expected to distribute approximately $8.5 billion in BTC to creditors. Nonetheless, a number of analysts maintain that the market impact might be less severe than anticipated, with a projected $4 billion entering the spot BTC market.
In related news, Bitcoin’s pricing dynamics are gaining interest as a triple candlestick closure signals a potential rise to $61.5K. Jonathan de Wet, the Chief Investment Officer at ZeroCap, conveyed to Cointelegraph that despite certain challenges, Bitcoin has maintained a robust trading range between the low to mid $60,000s. He anticipates the cryptocurrency will sustain these levels, although it might test its critical support near $57,000 in the forthcoming weeks due to the Mt. Gox creditor repayments.
Traditionally, Bitcoin’s peak monthly performance is observed in November, boasting an average gain of 46.81% since 2013.
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