BITCOIN
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Bitcoin’s performance in June saw a noticeable dip, declining by nearly 7%. However, historical trends suggest a possible rebound in the coming month.
Data from Coinglass, which has been tracking Bitcoin’s monthly returns since 2013, shows that June typically experiences a modest average decline of 0.35%. Interestingly, when June concludes with a downtrend, July often marks a significant recovery. On average, Bitcoin has surged by 7.42% in July following a June downturn.
In fact, during seven out of the past eleven years, Bitcoin has consistently recorded minimum gains of 8% in July.
Memecoin analyst Murad echoed these sentiments in a recent post to their 103,000 followers on X, pointing out the strong recoveries that typically start in July. Murad highlighted that in the past six years, Bitcoin has consistently achieved gains of at least 28% in the initial weeks of July.
However, this July might present unique challenges. Notably, a large Bitcoin sale by the German government and the impending Mt. Gox repayments could exert downward pressure on Bitcoin’s price. These repayments are set to commence in the first week of July, with approximately $8.5 billion in BTC due to be returned to creditors.
Despite the potential market impact of these repayments, some analysts remain optimistic. It is anticipated that only $4 billion of the total will be directly introduced into the spot BTC market. Jonathan de Wet, Chief Investment Officer at digital asset trading firm ZeroCap, shared hat despite these challenges, Bitcoin has maintained strong trading levels in the low to mid $60,000 range. He anticipates the asset will stabilize at this level, although it might test its “key support” at around $57,000 as the Mt. Gox repayments begin.
Despite the focus on the mid-year performance, it’s worth noting that historically, November has been Bitcoin’s strongest month. Since 2013, Bitcoin has averaged a monthly gain of 46.81% in November, suggesting that long-term prospects remain bullish.
