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 considerable price rally in July, presenting a major recovery in the market.
“Historically, when Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has averaged a 7.98% return and a 9.60% average return during this month,” the expert wrote.
In the chart shared by Martinez, it shows that in previous years when Bitcoin’s performance showed retractions in June, it soon recovered significantly in July. According to the data, this month the price of BTC fell 9.85%. As a result, the analyst estimates that the month of July will be a boom month for the largest cryptocurrency on the market.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
At the time of publication, the price of Bitcoin was quoted at US$61,439.60, up 0.7% in the last 24 hours.
Number of new Bitcoin addresses peaks as retail investors return
In a significant development on the Bitcoin network, the number of new BTC addresses hit a notable milestone recently amid the return of retail investors, according to observations shared by cryptocurrency analyst Ali Martinez on June 29.
According to the data released by the analyst, the network saw a spike not seen since April, increasing new addresses to 352,124. “Bitcoin retail investors are back! The number of new $BTC addresses on the network increased to 352,124, marking the highest level since April,” Martinez wrote.
Disclaimer:
The views and opinions expressed by the author, or any person mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/previsao-bitcoin-julho-2024-recuperacao-eminente-de-precos/
