What’s the outlook for Bitcoin prices in July 2024? Based on historical data, a recent analysis suggests a looming recovery in Bitcoin’s value next month.
Renowned cryptocurrency analyst Ali Martinez has shared an optimistic forecast for Bitcoin in July. Martinez noted that historically, after a downturn in June, Bitcoin tends to rebound strongly in the following month. Amid various developments in the cryptocurrency market, Bitcoin faced significant declines in June, with prices dropping to $60 this week.
In an analysis posted on June 30, Martinez indicated that Bitcoin could potentially see a substantial rally in July, signaling a major market recovery. “Historically, when Bitcoin has a negative June, it often sees a robust recovery in July. In fact, BTC has historically delivered average returns of 7.98% and median returns of 9.60% during this period,” Martinez explained.
Martinez’s chart illustrates that in past years, Bitcoin has typically recovered significantly in July following setbacks in June. Based on current data showing a 9.85% drop in BTC prices this month, Martinez estimates that July could be bullish for the leading cryptocurrency.
As of the time of writing, the price of Bitcoin was quoted at $61,439.60, reflecting a 0.7% increase over the past 24 hours.
Additionally, there has been a notable development on the Bitcoin network with a recent surge in new BTC addresses, marking a milestone amidst the return of retail investors. Martinez highlighted on June 29 that the network observed the highest number of new addresses since April, reaching 352,124. “Bitcoin retail investors are back! The number of new $BTC addresses has surged to 352,124, the highest level seen since April,” Martinez reported.
Disclaimer: The opinions expressed by the author and individuals mentioned in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies involves the risk of financial loss.
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