Bitcoin
Bitcoin ‘Targets to Recover’ in July After Negative June
Crypto market analyst Ali Martinez expects a Bitcoin price recovery (BTC) price in July after a month of decline.
According to Martinez’s X post on Sunday, Bitcoin price saw an average recovery of 7.98% in July after a “negative June.” Data shows that the price of BTC has plummeted 9.25% in the last 30 days.
Historically, when #Bitcoin had a negative June, tends to recover strongly in July. In fact, $BTC it delivered an average return of 7.98% and a median return of 9.60% during this month. foto.twitter.com/fJaIwc7Eob
-Ali (@ali_charts) June 30, 2024
Bitcoin recorded a 30-day high of $71,907 and a low of $58,554 in the mentioned period.
Furthermore, data provided by Martinez shows that the highest average return in Bitcoin price, at 46.81%, happened in November.
Bitcoin has gained a slightly bullish momentum over the past 24 hours, rising by 0.94%. The leading cryptocurrency is currently trading at $61,450 at the time of writing. BTC’s market cap has once again crossed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
BTC Price – June 30 | Source: Negotiation Vision
Due to declining trading volume, lower price volatility and liquidations would be expected for Bitcoin.
On the other hand, billionaire businessman and Bitcoin supporter Peter Thiel believes that the price of BTC may not witness a dramatic manifestation. Thiel’s comments came as he still holds a portion of Bitcoin.
Last year, the Thiel Founders Fund invested around US$200 million in Bitcoin when the asset’s price fluctuated around US$30,000.
Bitcoin’s downward movement began on June 10, when BTC exchange-traded funds (ETFs) in the US recorded their first set of net outflows in a month.
Last week, BTC spot ETFs saw $137.2 million in net inflows in the last four trading days. This brought the total amount of net ETF flows past the $14.5 billion mark.