Cryptocurrency market analysts are predicting that July will be a highly positive month for the two largest cryptocurrencies, Bitcoin and Ethereum, emphasizing that a strong recovery is imminent for these assets. Industry experts have noted that the notable positive seasonality in July could be significant for cryptocurrency traders, as Bitcoin and Ethereum have historically performed better during this month.
Analysts from the cryptocurrency exchange Coinbase, David Duong and David Han, highlighted in a recent report the historical seasonal trend of Bitcoin and Ethereum. “Positive seasonality may be relevant in July, as both Bitcoin and Ether historically seem to fare better during this month than others, particularly after sell-offs in June, such as the one we just witnessed (BTC dropped 8.6% and ETH dropped 8.7% MTD). In fact, the current market setup appears favorable, as a lot of excess long positions have been eliminated after the Mt. Gox announcement. Additionally, liquidity may improve as the average daily volumes of BTC and ETH (spot and futures) on global exchanges have dropped 16.7% between May and June, from $90 billion to $75 billion,” they observed.
Bitcoin July 2024 Forecast: Price Recovery Eminent
What is the forecast for Bitcoin’s price in July 2024? Based on historical data, a recent analysis predicts an imminent price recovery for Bitcoin in the coming month. Renowned cryptocurrency analyst Ali Martinez shared an optimistic forecast for Bitcoin in July, highlighting that generally, when the leading cryptocurrency has performed poorly in June, it has shown a strong resurgence in the following month. Amid various developments in the cryptocurrency market in June, the Bitcoin price was influenced and experienced significant declines, dropping to $60,000 this week.
In a shared analysis on June 30, Martinez suggested that Bitcoin has the potential to experience a considerable price rally in July, indicating a major market recovery. “Historically, when Bitcoin has had a negative June, it tends to recover strongly in July. In fact, $BTC delivered an average return of 7.98% and an average return of 9.60% during this month,” the expert wrote.
At the time of publication, the Bitcoin price was quoted at $62,612.73, with a 1.8% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned 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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Bitcoin July 2024 Forecast: Price Recovery Eminent