Crypto market analyst Ali Martinez expects a price rebound for the Bitcoin (BTC) price in July after a month of bearish momentum.
According to Martinez’s X post on Sunday, the Bitcoin price recorded an average price rebound of 7.98% in July after a “negative June.” Data shows that the BTC price plunged by 9.25% over the past 30 days.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median 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 low of $58,554 in the mentioned timeframe.
Moreover, data provided by Martinez shows that Bitcoin’s largest average price return of 46.81% happened in November.
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Bitcoin gained a slightly bullish momentum over the past 24 hours, rising by 0.94%. The flagship cryptocurrency is currently trading at $61,450 at the time of writing. BTC’s market cap again surpassed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
BTC price – June 30 | Source: Trading View
Due to the declining trading volume, lower price volatility and liquidations would be expected for Bitcoin.
On the other hand, Billionaire entrepreneur and Bitcoin supporter Peter Thiel believes that the BTC price might not witness a dramatic rally. Thiel’s comments come while he still holds a portion of Bitcoin.
Last year, Thiel’s Founders Fund invested roughly $200 million in Bitcoin when the asset’s price was hovering at around $30,000.
Bitcoin’s downward momentum started on June 10 when the spot BTC exchange-traded funds (ETFs) in the U.S. recorded their first set of net outflows in one month.
Last week, spot BTC ETFs saw $137.2 million in net inflows in their last four trading days. This pushed the total amount of ETF net flows past the $14.5 billion mark.
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