8h00 ▪
4
min reading ▪ by
Luc Jose A.
While we are only a week away from July, all eyes are on Bitcoin, the flagship cryptocurrency which, despite its current decline, could well see its value soar next month. Historically, July has proven to be a period of significant gains for Bitcoin, providing lucrative opportunities for savvy investors. In light of past trends and promising new data, what is the outlook for Bitcoin in July 2024?
July, a month of historic gains for Bitcoin
A little glimmer of hope in these difficult times! Since 2013, CoinGlass data shows that July has consistently been a favorable month for Bitcoin, with significant gains recorded almost every year. On average, the queen of cryptos saw an increase of 7.98% in July, while the median gain stands at 9.6%. A notable example is July 2020, where Bitcoin saw an impressive 24% rise, marking the start of a major bull cycle. This repeated performance suggests a robust trend, providing investors with an optimistic outlook for the month ahead.
CoinGlass analysts are particularly focused on this month, noting that if the historical trend continues, Bitcoin could see a 10% to 25% increase by the end of July. This projection is supported by analysis of past market cycles and price patterns, indicating a high probability of significant gains. However, it should be noted that these forecasts, while encouraging, are not guarantees, and investors should remain vigilant for potential market fluctuations.
Current market challenges and future prospects
Recently, Bitcoin suffered a notable decline, with its price dropping more than 7% in a week, falling below $60,000. This decline is largely attributed to a decline in interest in Bitcoin ETFs among major market participants. For example, the Fidelity Wise Origin Bitcoin Fund saw outflows of $44.8 million, while the Grayscale Bitcoin Trust saw outflows of $34.2 million in a single day. These massive outflows reflect a decline in institutional investor confidence, which has put additional pressure on Bitcoin’s price.
Despite these challenges, some analysts remain optimistic about a possible trend reversal. According to the Pi Cycle Top indicator, Bitcoin’s price fell below its market low for the first time in 2024, suggesting an imminent recovery. Technical analysis also supports this outlook, with signs of increasing buying pressure that could counter the downtrend. If these indicators are confirmed, Bitcoin could not only recover its recent losses, but also reach new highs in the coming weeks.
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Luc Jose A.
A graduate of Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this constantly evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations and put into perspective the economic and societal challenges of this ongoing revolution.
