Bitcoin Set To Turn Bullish in July Based on Historical Performance

Following its lackluster performance in June, Bitcoin may rebound significantly in July based on historical price patterns.

BTC lost almost 7% of its gains in June as the sellers dominated the market. Tracing Bitcoin's price pattern from 2013, Coinglass data reveals that Bitcoin historically had an average price decline of 0.35% in June.

The data also revealed that whenever Bitcoin ended June in a downtrend in previous years, it recorded a massive rally in July, averaging 7.4% in gains. Upon further analysis, Coinglass revealed that Bitcoin recorded minimum monthly gains of 8% in seven of the last eleven trading periods in July of previous years.

Crypto Analyst Believes Bitcoin Will Repeat Historically Rebound

Crypto analyst Murad also considered Bitcoin's significant historical rebounds in July. The analyst noted that BTC recorded minimum gains of 28% within the first few weeks of July for six consecutive years. So, he believes Bitcoin will repeat a similar pattern this July.

However, other crypto analysts believe this July could have a bearish trend due to the German government's recent sale of BTC tokens.

Moreover, the scheduled Mt.Gox repayments, which will return $8.5 billion worth of BTC tokens to creditors from the first week of July, could put supply pressure on BTC and force a price decline. Nevertheless, other analysts suggest that the impact of these Mt.Gox repayments might not be much.

Meanwhile, crypto analyst Ali Martinez supported the claim that Bitcoin often rebounds in July after a negative performance in June. His analysis of Bitcoin's historical performance revealed that Bitcoin had shown an average return of 7.98% and a median return of 9.60 in July.

Also, billionaire investor and financial expert Robert Kiyosaki was quite bullish in his early June assessment of Bitcoin's price. He predicted that BTC could rise to $350,000 by August 25.

How is Bitcoin Faring?

Bitcoin recovered from lows of $59,950 to trade above the $60,000 price level.The bids for Bitcoin increased on June 30 as the weekly, monthly, and quarterly candle close approached.

According to Daan Crypto's June 29 X post, Bitcoin saw more than $500 million in bids, with open interest increasing significantly, indicating increased investor interest.

BTC has formed three consecutive green candles on the daily chart as the buyers begin to rally in July. BTC has flipped the $62,500 resistance level to support, and the long upper wick on today's candle shows increased buying pressure.

Bitcoin faces resistance at the $63,800 price level as the buyers continue to force a recovery rally. The candle is approaching the median band of the Donchian Channel (DC), and a break above this band will confirm the uptrend.

Also, the RSI indicator has risen from the oversold region into the neutral zone with a value of 44.37, confirming buyers' entrance into the market. So, Bitcoin will likely break above the $63,800 resistance level in the coming days if buyers sustain momentum.

However, crypto prices are highly volatile, often changing course unexpectedly. So, it is advisable to apply proper risk management techniques, such as lot size management.

The post Bitcoin Set To Turn Bullish in July Based on Historical Performance appeared first on The Tech Report.