Historically, after every downtrend in June, Bitcoin price has demonstrated an average return of 7.98% and a median return of 9.60% during July.
As we finish the first half of the year and step into July, the world’s largest cryptocurrency Bitcoin (BTC) has given a strong breakout surging by 4% and shooting past all the way to $63,000. After strong sideways movement throughout Q2 following April’s Bitcoin halving event, analysts are hopeful for BTC price to resume the uptrend starting in July.
Popular crypto analyst Ali Martinez has highlighted that, historically, whenever Bitcoin has ended June on a downtrend, it has bounced back nicely in the subsequent month of July. According to Martinez, Bitcoin has demonstrated an average return of 7.98% and a median return of 9.60% during July.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
Similarly, another crypto analyst Rekt Capital stated that Bitcoin has firmly consolidated around $60,600 setting up a strong base at these levels. As per Rekt Capital, this clustering could persist throughout the month of July with the goal of taking the Bitcoin price higher to $71,500.
BTC Price Action – $71,000 Coming Ahead?
For Bitcoin price to gain the lost ground and set up a rally to the north, it must surpass the downsloping 20-day exponential moving average ($63,651). As of press time, BTC is trading 3.72% up at $63,313 with a market cap of $1.248 trillion.
If the Bitcoin price manages to stay above $62,500, it shows that bulls are attempting a comeback. If so, the bulls can attempt a further rally to $70,000 and beyond. On the 4-hour chart, the 20-period Exponential Moving Average (EMA) shows a stabilization in its slope, while the Relative Strength Index (RSI) hovers slightly above its midpoint. This suggests an equilibrium between supply and demand in the current market conditions.
Courtesy: TradingView
Altcoins Stage Strong Recovery
Along with Bitcoin, altcoins have staged a strong recovery today. Ethereum (ETH) price has also surged by 3% moving all the way to $3,500. On the other hand, altcoins like Solana (SOL), Avalanche (AVAX), Chainlink (LINK), Uniswap (UNI) have gained anywhere between 4-6%.
Toncoin has also been on a strong rally recently and has moved to the Numer 8 position toppling Dogecoin. It will be interesting to see if this price rally sustains going ahead this month.
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