Bitcoin investors braced for impact in June as the cryptocurrency took a tumble, dropping nearly 17% in value. And it wasn’t just Bitcoin – the entire crypto market felt the chill, with total capitalization falling by 10.27%, from $2.53 trillion at the beginning of the month to $2.27 trillion by the end. But wait, there’s more to the story!
However, as July began, Bitcoin started to show signs of recovery. The cryptocurrency has since surged by 4% within a day, currently trading at $63,360. Crypto analysts are optimistic, predicting a potential further increase of 10% for Bitcoin in the coming days.
Are things finally turning around?
Renowned chart analyst Ali Martinez has highlighted trends suggesting that Bitcoin’s recent price action aligns with historical patterns that could lead to a notable recovery. Historically, Bitcoin has shown resilience following a negative June, often bouncing back strongly in July.
In June, Bitcoin’s price consolidated around $61,670 after experiencing a sharp decline to $58,759. This drop was primarily influenced by the Mt. Gox repayment, some macroeconomic factors, and a decrease in spot Bitcoin ETFs. Despite this downturn, historical trends suggest that Bitcoin may be poised for a rebound.
According to Martinez, Bitcoin has shown an average return of 7.98% and a median return of 9.60% during July in past years. This trend provides a hopeful outlook for investors looking for a recovery after a tough June.
Echoing this bullish sentiment, another prominent crypto trader, Captain Faibik, suggests that Bitcoin is on the brink of a significant upside breakout from a Descending Broadening Wedge pattern. This technical pattern often indicates a potential upside breakout.
However, this pattern was observed on the 4-hour chart, indicating that Bitcoin’s price has been falling since last month.
Furthermore, Faibik predicts that a successful breakout from this pattern could send Bitcoin soaring to $70,000, marking an approximate 10% increase. This optimistic outlook aligns with Ali Martinez’s analysis, suggesting that after Bitcoin’s negative performance in June, its price tends to surge around 9.60% in July.
If Bitcoin follows its historical pattern, investors might see a significant price surge in July taking its price to nearly $70K.
Currently, Bitcoin’s price is trading at $63,360, reflecting a surge of 4%. Apart from this 24 24-hour trading volume has seen a massive surge and hovering at $21.18 billion, with a market cap of $1.24 trillion.
Historical trends suggest a hot July for Bitcoin. Are you ready?!
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