Bitcoin Poised for Strong July Recovery Despite June Decline and Mt. Gox Repayment Concerns

According to Cointelegraph, Bitcoin is expected to exhibit robust performance in July; however, Mt. Gox is tamping down expectations for a recovery.

Bitcoin price is expected to exhibit robust performance in July, following a disappointing June performance, during which it experienced a nearly 7% decline.

Bitcoin price experienced a maximum loss of up to 6.96% last month, according to data from Coinglass, which has been tracking Bitcoin's monthly returns since 2013. The average price drop for the month of June over the years has been a minimal loss of 0.35%.

Interestingly, the data also shows that Bitcoin has historically experienced an average gain of 7.42% in the subsequent month, following a downtrend in June.

Murad, a Memecoin analyst, also highlighted this in a post to their 103,000 followers on X, emphasizing the rapid historical rebounds that begin in July.

“July is historically the month where BTC makes a new all-time high,” stated the analyst, who also noted that Bitcoin had achieved a minimum gain of 28% in the initial weeks of July for the previous six years.

However, several analysts anticipate that July will be more challenging than usual. They attribute the potential price pressure to the German government's substantial Bitcoin sales and the forthcoming Mt. Gox repayments.

Bitcoin price faces $8.5B Mt. Gox repayments — Here's what analysts expect for BTC, markets As part of these repayments, starting in the first week of this month, creditors are anticipated to receive approximately $8.5 billion in Bitcoin.

Several analysts, however, believe that the repercussions of these repayments may not be as severe as many investors anticipate, with only $4 billion of this sum expected to affect the spot BTC market.

Speaking to Cointelegraph last week, Jonathan de Wet, chief investment officer at ZeroCap, a digital asset trading firm, stated that despite the headwinds, Bitcoin has been trading solidly in the low to mid $60,000 range, which he anticipates will continue.

However, he acknowledged that as the Mt. Gox creditor repayments are released into the market, it could cause the asset to decline to its “key support” level of approximately $57,000 in the upcoming weeks.

Historically, November has been the month in which Bitcoin has demonstrated the most impressive monthly performance, with an average monthly gain of 46.81% since 2013.

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