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Bitcoin “tends to rebound” in July after a negative June
Cryptocurrency market analyst Ali Martinez predicts a price rebound for Bitcoin (BTC) price in July after a month of bearish momentum.
According to Martinez’s post on Data shows that the price of BTC has fallen by 9.25% in the last 30 days.
Historically, when #Bitcoin had a negative June, tends to rebound strongly in July. Indeed, $BTC showed an average return of 7.98% and an average return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
Bitcoin recorded a 30-day high of $71,907 and a 30-day low of $58,554 during the time frame.
Additionally, data provided by Martinez shows that the largest average Bitcoin price return of 46.81% occurred in November.
Bitcoin has gained a slight bullish momentum over the past 24 hours, up 0.94%. At the time of writing, the leading cryptocurrency is currently trading at $61,450. BTC’s market cap has once again crossed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
BTC Price – June 30 | Source: Commercial View
Due to the declining trading volume, one would expect less price volatility and liquidations for Bitcoin.
On the other hand, billionaire entrepreneur and Bitcoin advocate Peter Thiel believes that the price of BTC may not be witness a dramatic gatheringThiel’s comments come while he still holds a stake in Bitcoin.
Last year, Thiel’s Founders Fund invested around $200 million in Bitcoin when the price of the asset was around $30,000.
Bitcoin’s downside momentum began on June 10, when spot BTC exchange-traded funds (ETFs) in the United States saw their first series of net outflows in a month.
Last week, spot ETF on BTC recorded net inflows of $137.2 million in their last four trading days. This pushed the total amount of ETF net flows above the $14.5 billion mark.