Bitcoin (BTC) Could Surge from 10% to 25% in July, Historical Pattern Suggests
- WBOYOriginal
- 2024-06-24 08:14:23660browse
June is a historically losing month for Bitcoin (BTC), a pattern repeating as the end of the month approaches. Conversely, July is a historically winning month
Bitcoin (BTC) has historically performed poorly in June, a trend that is continuing as the month draws to a close. However, July has been a strong month for the cryptocurrency, with investors who built long positions seeing mostly positive returns.
Finbold used CoinGlass data to highlight Bitcoin’s monthly returns over the past 12 years, beginning in 2013. Notably, all nine months have had gains on their 12-year averages and medians, except for June, August, and September.
This year's June has been no exception. At the time of writing, BTC has lost 5% month-to-date, with only one week remaining. On average, June has brought 0.19% losses to Bitcoin traders and a median of 0.5% negative performance since 2013.
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So far in 2024, four months have been positive and two have been negative, while June had a 6:12 winning ratio.
Historical trend predicts a nearly 10% surge for Bitcoin in July
On the other hand, July has a 7:11 winning ratio since 2013, with 2020 having the most positive returns. This month has previously marked the start of the last cycle's bull market with 24% gains from July 1 to 31, 2020.
Over the years, July has seen average and median gains of 7.98% and 9.6%, respectively. If this trend continues, Bitcoin could rise from nearly 10% to 25% in 31 days.
notably, prominent cryptocurrency analyst Credible Crypto predicts an impending 30-day impulse for BTC to $100,000. Other analysts have been watching for a breakout from the 4-month resistance range at $72,000, targeting the $83,000 level.
BTC could reach any of these levels in July, cementing the historical winning month.
Bitcoin price analysis
Meanwhile, Bitcoin is trading at $64,260, testing the range support as it tries to regain momentum. The primary cryptocurrency has seen a 52.25% gain year-to-date.
If BTC continues to trade at this level by month-end, a 10% to 25% rally could bring Bitcoin to $70,000 and $80,000 by July 31, a target that aligns with other analysts' projections.
However, cryptocurrencies are inherently volatile digital assets, and past performance does not guarantee future results. Investors should exercise caution and have a clear entry and exit strategy to increase their chances of making gains.
The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-surge-july-historical-pattern-suggests.html
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