Get ready for profits Bitcoin historically thrives in July
June has historically been a month of losses for Bitcoin (
BTC
), a trend that continues as the month comes to a close. Conversely, July has been a month of historical gains, with positive returns for investors who held
long positions
.
Finbold obtained
data
from
CoinGlass
, which looked at Bitcoin’s monthly returns for the past 12 years dating back to 2013. Interestingly, all nine months have seen gains in their 12-year averages and medians, with the exceptions being June, August, and September.
This year’s June has been no different. As of now, BTC has seen losses of 5% for the month, just a week before it ends. On average, June has brought losses of 0.19% to Bitcoin traders, with a median of 0.5% negative performance since 2013.
2021 has seen four winning months and two losing months so far, with June having a 6:12 winning ratio.
Bitcoin Monthly returns (%). Source:
CoinGlass
Historical patterns predict a nearly 10% surge for Bitcoin in July
On the flip side, July has had a winning ratio of 7:11 since 2013, with 2020 seeing the most positive returns. In fact, July marked the start of the last cycle’s
bull market
with gains of 24% from July 1 to 31, 2020.
Over the years, July has accumulated average gains of 7.98% and a median of 9.6%. If this pattern continues, Bitcoin could see a surge of anywhere from nearly 10% to 25% in just 31 days.
Interestingly, well-known
cryptocurrency
analyst
Credible Crypto
predicts that BTC will reach $100,000 in the next 30 days. Other analysts have been eagerly anticipating a breakout from a 4-month
resistance
range at $72,000, with their eyes set on the $83,000 level.
BTC could potentially reach any of these targets in July, solidifying its status as a historically winning month.
Bitcoin price analysis
Currently, Bitcoin is trading at $64,260, testing the range’s
support
while attempting to regain momentum. The leading cryptocurrency has seen gains of 52.25% year-to-date.
If BTC continues to trade at this level by the end of the month, a rally of 10% to 25% could push Bitcoin to $70,000 and even up to $80,000 by July 31, aligning with the projections of other analysts.
Bitcoin (BTC) year-to-date price chart. Source: Finbold
However, it is important to note that
cryptocurrencies
are inherently volatile digital assets, and past performance does not guarantee future results. Investors should remain cautious and have a clear entry and
exit strategy
in place to increase their chances of gains.
Disclaimer:
The content on this site should not be considered investment advice. Investing is speculative, and your capital is at risk when investing.
