Bitcoin (BTC) bulls have reasons to be optimistic in the upcoming weeks as potential seasonal cycles could boost the price of the largest cryptocurrency. After months of declines and rangebound trading, BTC has been trading between $59,000 and $74,000 since April, facing selling pressure and negative sentiment among retail traders. However, historical data suggests a promising outlook for July. The first day of the month witnessed a significant increase in inflows for U.S.-listed ETFs, marking a positive shift after several months of outflows. This trend indicates a potential bullish sentiment for Bitcoin going forward. According to analysis by Singapore-based QCP Capital, July has historically been a strong month for Bitcoin, with a median return of 9.6%. Moreover, following a negative performance in June, Bitcoin tends to rebound strongly in July. The options market also shows signs of positioning for an upward movement, possibly influenced by the launch of an ETH spot ETF. Over the past decade, July has shown positive returns for Bitcoin in 7 out of 10 years, with an average gain of over 11% for the month. Data from crypto fund Matrixport indicates impressive July returns ranging from 20% to 27% in recent years. Seasonality plays a significant role in the cryptocurrency market, with assets experiencing predictable changes throughout the year. From profit-taking during tax season to the traditional ‘Santa Claus’ rally in December, these patterns can provide insights into market behavior.
Bitcoin Bulls Anticipate Positive Momentum in July
14/07/2024
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Bitcoin bulls are gearing up for a potential surge in July as positive momentum is anticipated in the market. Stay updated with the latest news and analysis on Bitcoin's price movements.