Cryptocurrency market analysts are predicting that July will be a very positive month for the two largest cryptocurrencies, Bitcoin and Ethereum, highlighting that there is a strong recovery imminent for the assets.
Industry experts noted that the notable positive seasonality in the month of July could be quite significant for cryptocurrency traders, considering that Bitcoin and Ethereum historically perform best during July.
Cryptocurrency exchange Coinbase analysts David Duong and David Han highlighted the historical seasonal trend of Bitcoin and Ethereum in a recent report.
“Positive seasonality could be relevant in July, as both bitcoin and ether historically seem to fare better during this month than others, particularly after June sell-offs like the one we just witnessed (BTC down 8.6% and ETH down 8.7% MTD). Indeed, the current market setup looks favorable, as much excess long was eliminated following the Mt. Gox announcement. Furthermore, liquidity could improve after average daily volumes of BTC and ETH (spot and futures) on global exchanges fell 16.7% between May and June from $90 billion to $75 billion,” they noted.
Bitcoin Forecast July 2024: Price Recovery Imminent
What is the Bitcoin price prediction for July 2024? Based on historical data, a recent analysis predicts an imminent Bitcoin price recovery next month.
Renowned cryptocurrency analyst Ali Martinez shared an optimistic prediction about Bitcoin for the month of July, highlighting that generally when the largest cryptocurrency performed negatively in June, BTC re-emerged very strongly the following month. Amid several developments in the cryptocurrency market in June, the price of Bitcoin was influenced and showed sharp drops, reaching US$60,000 this week.
In an analysis shared on June 30, Martinez suggested that Bitcoin has the potential to experience a significant price rally in July, signaling a major recovery in the market.
“Historically, when Bitcoin has had a negative June, it tends to recover strongly in July. In fact, $BTC delivered an average return of 7.98% and an average return of 9.60% during this month,” the expert wrote.
At the time of publication, the price of Bitcoin was quoted at US$ 62,612.73 with an increase of 1.8% in the last 24 hours.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/analistas-adiantam-mes-positivo-para-bitcoin-e-ethereum-forte-recuperacao-btc-e-eth/
