Bitcoin (BTC) Price Forecast for July 2024: Historical Data Suggests Imminent Recovery

Based on historical data, a recent analysis predicts an imminent recovery in Bitcoin prices next month.

A recent analysis predicts an imminent recovery in Bitcoin prices next month, based on historical data.

Renowned cryptocurrency analyst Ali Martinez shared an optimistic prediction about Bitcoin for the month of July. He highlighted that generally when the largest cryptocurrency performed negatively in June, BTC re-emerged very strongly the following month.

Amidst several developments in the cryptocurrency market In June, the price of Bitcoin was influenced and showed strong drops, reaching US$60 this week.

In a shared analysis on June 30, Martinez suggested that Bitcoin has the potential to experience a considerable price rally in July, presenting a major recovery in the market.

“Historically, when Bitcoin has had a negative June, it tends to recover strongly in July. In fact, $BTC delivered an average return of 7,98% and an average return of 9,60% during this month,” the expert wrote.

In the chart shared by Martinez, it shows that in previous years when Bitcoin's performance showed retractions in June, it soon recovered significantly in July. According to the data, this month the BTC price fell 9,85%. As a result, the analyst estimates that the month of July will be a bullish month for the largest cryptocurrency on the market.

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

At the time of publication, the Bitcoin price it was quoted at US$61.439,60 with an increase of 0.7% in the last 24 hours.

Number of new Bitcoin addresses peaks as retail investors return

In a significant development on the Bitcoin network, the number of new BTC addresses reached a notable milestone recently amid the return of retail investors, according to observations shared by cryptocurrency analyst Ali Martinez on June 29.

According to data released by the analyst, the network presented a peak not seen since April, increasing new addresses to 352.124. “Bitcoin retail investors are back! The number of new $BTC addresses on the network increased to 352.124, marking the highest level since April,” Martinez wrote.

The above is the detailed content of Bitcoin (BTC) Price Forecast for July 2024: Historical Data Suggests Imminent Recovery. For more information, please follow other related articles on the PHP Chinese website!