Get ready for gains Bitcoin historically performs well in July
June has historically been a month of losses for Bitcoin (
BTC
), and this trend appears to be repeating itself as we approach the end of the month. In contrast, July has been a historically profitable month for investors who hold
long positions
.
Finbold has gathered
data
from
CoinGlass
, which highlights Bitcoin’s monthly returns over the past 12 years since 2013. Notably, all nine months have seen gains on their 12-year averages and medians, with the exceptions being June, August, and September.
This year’s June is following the same pattern. As of now, BTC is showing losses of 5% for the month, just one week before the end of June. On average, June has brought losses of 0.19% to Bitcoin traders, with a median negative performance of 0.5% since 2013.
Interestingly, 2024 has seen four winning months and two losing months, with June having a 6:12 winning ratio.
Bitcoin Monthly returns (%). Source:
CoinGlass
Based on historical patterns, a nearly 10% surge for Bitcoin is forecasted for July
Conversely, July has a 7:11 winning ratio since 2013, with 2020 seeing the most positive returns. This month previously marked the beginning of the last cycle’s
bull market
with gains of 24% from July 1 to 31, 2020.
Over the years, July has accumulated average gains of 7.98% and a median of 9.6%. If this pattern continues, Bitcoin could see a surge of nearly 10% to 25% in the span of 31 days.
Notably, well-known
cryptocurrency
analyst
Credible Crypto
has predicted a forthcoming 30-day surge for BTC to $100,000
. Other analysts are also anticipating a breakout from a 4-month
resistance
range at $72,000, with their sights set on the $83,000 level.
BTC could reach any of these targets in July, solidifying its status as a historically winning month.
Bitcoin price analysis
At present, Bitcoin is trading at $64,260, testing the range’s
support
while attempting to regain momentum. The leading cryptocurrency has seen gains of 52.25% year-to-date.
If BTC continues to trade at this level by the end of the month, a rally of 10% to 25% could propel Bitcoin to $70,000 and even up to $80,000 by July 31. This aligns with the projections of other analysts.
Bitcoin (BTC) year-to-date price chart. Source: Finbold
However, it is important to remember that
cryptocurrencies
are inherently volatile digital assets, and past performance does not guarantee future results. Investors should remain cautious and have a clear entry and
exit strategy
to increase their chances of gains.
Disclaimer:
The content on this site is not intended as investment advice. Investing is speculative and carries a risk of capital loss.