History Suggests Bitcoin Will Spike in July
Bitcoin may experience a strong rebound in July after a disappointing performance in June, during which Bitcoin fell by nearly 7%.
Data from Coinglass, which monitors Bitcoin's monthly returns since 2013, indicates that June has historically averaged a decline of 0.35%.
However, this trend has often been followed by a significant recovery, with Bitcoin historically gaining an average of 7.42% in July after a downtrend in June.
In fact, Bitcoin has achieved at least an 8% monthly gain in seven of the last 11 July trading periods.
Memecoin analyst Murad also noted this pattern to their 103,000 followers on X, highlighting the sharp historical rebounds starting in July.
Murad pointed out that Bitcoin had recorded minimum gains of 28% in the first few weeks of every July for the past six years.
Despite this optimistic historical data, some analysts predict that this July might be more challenging.
They cite factors such as the significant sale of Bitcoin by the German government and the impending Mt. Gox repayments, which could exert downward pressure on Bitcoin's price.
The repayments, expected to start in the first week of July, will see around $8.5 billion in BTC returned to creditors.
Nevertheless, some analysts believe the impact of these repayments might not be as severe as feared, with only $4 billion anticipated to enter the spot BTC market.
Historically, Bitcoin's strongest monthly performance occurs in November, with an average gain of 46.81% since 2013.
Sources:
https://cointelegraph.com/news/bitcoin-price-rebound-july-historical-data-suggests
https://www.coinglass.com/today
