đ¨Bitcoin Could Hit New Highs Again This Month!
â July is often a turning point for Bitcoin. A period when the crypto asset shows signs of recovery after significant declines. As July draws to a close this year, BTC is still struggling to break the $70,000 mark. Investors are wondering if the crypto could surprise again before the month closes.
đ¨July, a decisive month for bitcoin
â Since 2013, July has consistently marked turning points for the price of Bitcoin. The crypto asset typically sees a significant increase during this period. In 2020, for example, BTC saw a spectacular 24% increase in July, kicking off a major bull cycle. As of early this July, this historical trend has analysts anticipating a potential 10% to 25% increase.
â However, the recent drop in bitcoinâs price , which has lost more than 7% in a week, seems to contradict this positive trend. Analysts attribute this decline to a decrease in interest in Bitcoin ETFs, with significant withdrawals observed in major funds such as Fidelity Wise Origin and Grayscale Bitcoin Trust.
đ¨Prospects and challenges for bitcoin
â Despite the recent declines, there are signs of recovery. The Pi Cycle Top indicator, for example, suggests that bitcoinâs price has reached its low point of the year, a potential prelude to a recovery. Technical analysis also shows an increase in buying pressure, which could reverse the current bearish trend.
â On the macroeconomic front, US stock markets, often closely followed by bitcoin, have posted significant losses. However, signs of better-than-expected economic growth could improve the climate for crypto investments.
â The imminent resolution of a lawsuit accusing Tether (USDT) of market manipulation could also influence trends. A favorable outcome could restore investor confidence and catalyze a rally for bitcoin.
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