Bitcoin
See how much Bitcoin’s price could rise in July, top analysts say
In June, Bitcoin faced a substantial decline, falling almost 17% in value. In parallel with this drop, the global cryptocurrency market also suffered a notable decline, with its total capitalization falling 10.27%, from $2.53 billion at the beginning of the month to $2.27 billion at the end.
However, in early July, Bitcoin began to show signs of recovery. Since then, the cryptocurrency has risen 4% in one day and is currently trading at $63,360. Analysts in the crypto space are bullish, predicting a potential additional 10% rise for Bitcoin in the coming days.
Here’s what July has in store for BTC
Renowned charting analyst Ali Martinez highlighted trends, suggesting that Bitcoin’s recent price action aligns with historical patterns that could lead to a notable recovery. Historically, Bitcoin has shown resilience after a negative June, often recovering strongly in July.
In June, the price of Bitcoin consolidated around $61,670 after suffering a sharp drop to $58,759. This drop was mainly influenced by Mt.gox Refundsome macroeconomic factors and a decrease in Bitcoin spot ETFs. Despite this drop, the historical trend suggests that Bitcoin may be poised for a recovery.
According to Martinez, Bitcoin has delivered an average return of 7.98% and an average return of 9.60% during July in recent years. This trend provides a hopeful outlook for investors looking for a recovery after a difficult June.
Bitcoin will explode soon
Echoing the bullish sentiment, another prominent crypto trader, Captain Faibik, suggests that Bitcoin price is on the verge of a significant breakout from a descending broadening wedge pattern. This technical pattern usually indicates a potential bullish breakout.
However, this pattern was observed on the 4-hour chart, indicating that the price of bitcoin has fallen since last month.
Furthermore, Faibik predicts that a successful breakout of this pattern could see Bitcoin surge to $70,000, marking an increase of approximately 10%. This bullish outlook is in line with Ali Martinez’s analysis, which suggests that after Bitcoin’s negative performance in June, its price is likely to register an increase of around 9.60% in July.
What to expect ahead?
If Bitcoin follows its historical pattern, investors could see a significant price surge in July, taking its price to nearly $70,000.
Currently, Bitcoin the price is trading at $63,360reflecting a 4% increase. Furthermore, the 24-hour trading volume has seen a massive increase and is hovering at $21.18 billion, with a market cap of $1.24 trillion.