July Promises to Be a Bullish Month for Bitcoin, Historical Analysis Shows

While June often marks a bearish period for Bitcoin, July presents itself as a month of promising recovery. Retrospective analyzes up to 2013 reveal that, except for June, August and September, all other months recorded consistent gains, both in averages and medians, over the last 12 years.

This year, June statistics continue the tradition of retractions, with an accumulated drop of 5% so far, just one week before the end of the month. Since 2013, the average June performance for Bitcoin traders is a loss of 0.19%, with an even more dismal median of -0.5%.

However, as we turn the calendar to July, investors have reason to be optimistic. Historically, July has been a month of gains, especially for those holding long Bitcoin positions. With four months of gains and just two months of losses recorded in 2024 so far, the July trend could be a welcome turnaround.

At the time of publication, the price of BTC was quoted at US$63,568.82 with a drop of 1% in the last 24 hours.

Decisive moments for Bitcoin’s dominance in the market

Furthermore, Egrag Crypto’s analysis points to decisive moments for Bitcoin’s dominance in the market. Dominance levels of 57.5% and 50% are crucial. Breaking the 57.5% barrier could start a bull run, leading investors to strengthen their bets on Bitcoin, to the detriment of altcoins. This move could reaffirm Bitcoin’s status as the leading digital store of value, potentially driving its price above other cryptocurrencies.

#BTC Dominance – The White Channel 📈

🔥 #BTC Dominance is ranging within a Horizontal Red Channel and an Ascending White Channel.

📊 If it closes above 57.5, then #BTC will dominate and smash #Alts! However, the critical break-point is when #BTC Dominance closes below 50. This… pic.twitter.com/G1NZqtC0F2

— EGRAG CRYPTO (@egragcrypto) June 20, 2024

On the other hand, a sub-50% decline in Bitcoin dominance could ignite the sparks of an altcoin revolution. “If Bitcoin breaks the 57.5 wall and establishes dominance above this level, it could signal a “bullish stampede” towards Bitcoin,” explains an analyst at Egrag Crypto. In the opposite scenario, “A drop in Bitcoin dominance below the crucial 50 level could be the spark that ignites an altcoin revolution.”

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.