Bitcoin’s price fell by nearly 10% in June but may rise by 9.6% in July based on historical trends.
Improved liquidity and positive seasonality could boost Bitcoin and Ether markets.
Analysts note Mt. Gox repayments are priced in, supporting a potential market rebound.
The price of Bitcoin saw a substantial decline in June, falling by nearly 10%. However, market analysts believe that the month of July will bring a more positive trend. According to QCP Capital, there are numerous indicators pointing to a bullish outlook for Bitcoin over the next 30 days.
Will July be bullish for Bitcoin and Ethereum?Analysts suggest July could be a strong month for BTC and ETH due to historical positive seasonality. QCP Capital noted Bitcoin’s median return of 9.6% in July, especially after a negative June (-9.85%), with Bitcoin options… pic.twitter.com/3xK42DtAT8
— The Wolf Of All Streets (@scottmelker) July 1, 2024
Historically, Bitcoin has demonstrated a median return of approximately 9.6% in the month of July. This pattern has the ability to compensate for the losses experienced in June if it continues. Analysts add to this optimism by noting that the market may benefit from improved liquidity and positive seasonality in July.
The upcoming repayments from Mt. Gox, which are expected to start in July, have already been incorporated in the current market prices. Analysts note that the market setup appears supportive, with a significant amount of excess length cleared following the Mt. Gox announcement.
In addition, liquidity is expected to improve, as daily average trading volumes for Bitcoin and Ether (spot and futures) on global exchanges fell from $90 billion in May to $75 billion in June.
While historical data cannot guarantee future performance, expert opinions point to a possible shift in sentiment toward Bitcoin and Ether in July. If Bitcoin ETF flows recover and are followed by the launch of spot Ethereum ETFs in the United States, the coming weeks could be promising for both cryptocurrencies.
With the backing of past trends, increased liquidity, and significant upcoming events, the market is ready for a possible recovery. Investors and traders will keep a close eye on these developments as July progresses, hoping for strong performance from the leading cryptocurrencies.
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The post Bitcoin and Ether Set for a Strong July as Historical Trends and Improved Liquidity Signal Market Rebound appeared first on Crypto News Land.