As June typically signals a bearish period for Bitcoin, July comes as a month of potential recovery. Looking back at the data from 2013, it is evident that, apart from June, August, and September, all other months have shown consistent gains in both averages and medians over the past 12 years.
This year, June has continued the trend of retractions, with a 5% decrease so far, just a week before the end of the month. Since 2013, the average June performance for Bitcoin traders has been a loss of 0.19%, with an even more dismal median of -0.5%.
However, as we move into July, there is reason for optimism among investors. Historically, July has been a month of gains, especially for those holding long Bitcoin positions. With four months of gains and only two months of losses recorded in 2024 so far, the July trend could mark a positive turnaround.
At the time of publication, the price of BTC was quoted at US$63,568.82, with a 1% drop in the last 24 hours.
Additionally, Egrag Crypto’s analysis points to crucial moments for Bitcoin’s dominance in the market. Dominance levels of 57.5% and 50% are significant. Breaking the 57.5% barrier could trigger a bull run, leading investors to strengthen their bets on Bitcoin at the expense of altcoins. This move could reaffirm Bitcoin’s status as the leading digital store of value, potentially driving its price above other cryptocurrencies.
Conversely, a decline in Bitcoin dominance below 50% could spark an altcoin revolution. “If Bitcoin breaks the 57.5 wall and establishes dominance above this level, it could signal a bullish stampede towards Bitcoin,” explains an analyst at Egrag Crypto. On the other hand, “A drop in Bitcoin dominance below the crucial 50 level could be the spark that ignites an altcoin revolution.”
It is important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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