Bitcoin (BTC) Price Rebound Expected in July After a Month of Bearish Momentum, Says Analyst Ali Martinez
- WBOYOriginal
- 2024-07-01 14:18:25983browse
Crypto market analyst Ali Martinez expects a price rebound for the Bitcoin (BTC) price in July after a month of bearish momentum. According to Martinez’s X post on Sunday, the Bitcoin price recorded an average price rebound of 7.98% in July after a “negative June.”
Crypto market analyst Ali Martinez anticipates a price rebound for Bitcoin (BTC) in July following a month of bearish price action.
As per Martinez's X post on Sunday, Bitcoin's average price tends to record a 7.98% rebound in July after a “negative June.” Data reveals that BTC's price slid 9.25% over the last 30 days.
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
Bitcoin's 30-day high and low stood at $71,907 and $58,554, respectively, within the mentioned time frame.
Furthermore, Martinez's data indicates that Bitcoin's highest average price return, at 46.81%, occurred in November.
Bitcoin displayed a mildly bullish momentum over the last 24 hours, rising by 0.94%. The apex cryptocurrency trades at $61,450 at the time of writing. BTC's market capitalization again crossed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
Due to the decreasing trading volume, lower price volatility and liquidations are to be expected for Bitcoin.
In other news, billionaire entrepreneur and Bitcoin proponent Peter Thiel believes that BTC's price may not see a drastic rally. Thiel's comments come as he still holds a portion of Bitcoin.
Last year, Thiel's Founders Fund reportedly allocated around $200 million to Bitcoin when the asset's price was at about $30,000.
Bitcoin's bearish price action began on June 10 when U.S. spot Bitcoin exchange-traded funds (ETFs) recorded their first set of net outflows in a month.
Last week, spot BTC ETFs saw $137.2 million in net inflows on their last four trading days. This brought the total ETF net flows to over $14.5 billion.
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