Bitcoin Price Outlook for July: Will the Bulls Return?
The month of June saw significant volatility in the price of Bitcoin, with a 7.12% decline, leaving many wondering what lies ahead for July. As the new month begins, Bitcoin is showing signs of a potential bullish trend, with some analysts predicting a positive trajectory based on historical data.
Bitcoin’s Rollercoaster Ride in June
During the month of June, Bitcoin experienced extreme price fluctuations, reaching a high of $72,000 and a low of $58,000. Ultimately, the bears took control, leading to a 7% decrease in the price of Bitcoin. However, despite this downward trend, there is hope for a turnaround in July.
Analyst Insights on Bitcoin’s July Performance 📈
- According to renowned analyst Ali Charts, July has historically been a strong month for Bitcoin, following a negative June trend.
- Historical data shows that Bitcoin has an average return of 7.98% and a median return of 9.6% in the month of July.
Bitcoin Bulls Make a Strong Entrance in July
The beginning of July has already seen a positive movement in Bitcoin’s price, with a 4% increase in the last 24 hours. Currently trading at around $63,200, Bitcoin’s weekly performance is also showing a 1.6% gain, indicating a potential bullish trend for the month.
This upward movement has resulted in short positions being at a disadvantage, with liquidations totaling $106 million in the past day, with the majority of them being sellers.
Hot Take: Will Bitcoin’s July Rally Continue?
As July unfolds, all eyes are on Bitcoin’s price action to see if the bullish momentum will continue throughout the month. With historical data pointing towards positive returns in July following a negative June, there is optimism among investors and analysts for a potential rally in Bitcoin’s price.
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