Experienced Analyst Predicts Bitcoin’s July Surge and Highlights Key Data About BTC! Will History Repeat Itself?
Renowned analyst Martinez suggests that Bitcoin typically experiences a strong surge in July following a negative performance in June.
Bitcoin kicked off July and the second half of the year on a positive note, with weekly, monthly, quarterly, and six-month closings yesterday. After experiencing a monthly decline of over 10% in June, BTC saw an increase in July, surpassing the $63,800 mark. As attention now shifts to July, it begs the question: will Bitcoin continue to thrive this month? Let’s delve into the historical performance of Bitcoin in previous Julys to find the answers.
The table below illustrates the comparative performance of Bitcoin in July.
Table: Comparative Performance of Bitcoin in July
As evident from the table, Bitcoin has generally exhibited an upward trend in July. Only in four years since 2013 has Bitcoin closed the month of July in the red, indicating a decline. On the other hand, seven years have seen Bitcoin closing with an increase.
Historical data points to a rise in Bitcoin!
When it comes to Bitcoin’s historical data for June and July, a different scenario emerges. Noting this pattern, accomplished analyst Ali Martinez highlights that Bitcoin has tended to experience a significant surge in July following a negative performance in June.
According to Martinez, Bitcoin has experienced a decline in a total of six June months since 2013. However, it has consistently witnessed an increase in July following each of these June months with a decrease.
In the table shared by Martinez, it is evident that Bitcoin experienced a decrease in June in 2022, 2021, 2020, 2018, and 2013. However, it subsequently underwent a substantial rise in July. If history repeats itself, Martinez anticipates a similar surge for BTC this July.
“Historically, when Bitcoin has performed negatively in June, it has tended to rebound strongly in July.”
Upon analyzing the table, we observe that Bitcoin recorded a 9.6% increase in July after a 29.89% decrease in June 2013; a 14.62% decrease in June 2018 followed by a 20.96% increase in July; a 3.18% decrease in June 2020 followed by a 24.03% increase in July; a 5.95% decrease in June 2021 followed by an 18.19% increase in July; and a 37.28% decrease in June 2022 followed by a 16.8% increase in July.
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
*This article does not constitute investment advice.
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