Memecoin

Bitcoin

Bitcoin may see a strong rebound in July following a lackluster performance in June, which saw Bitcoin falling almost 7% in the month.
The price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) historically averaged a slump of 0.35% in June, <a href="https://www.coinglass.com/today" target="_blank" rel="noopener nofollow">according</a> to data from Coinglass, which tracks the monthly returns of Bitcoin beginning in 2013. 
The data shows that in previous years, whenever June ended in a downtrend, the following month saw a roaring comeback, with Bitcoin gaining an average of 7.42% historically. 
Overall, BTC has posted minimum monthly gains of 8% for seven of the last 11 July trading periods.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/9902374c-a19a-463e-9ce7-d10b0ce86f08.png" alt="" title="">
 <figcaption style="text-align: center;">
 Historically, Bitcoin has performed strongly in July when June ended in a decline. Source: CoinGlass
 </figcaption>
</figure>
Memecoin analyst Murad also highlighted this in a post to their 103,000 followers on X, pointing to the swift historical rebounds beginning in July.
Murad noted that Bitcoin had posted minimum gains of 28% in the first few weeks of every July for the last six consecutive years. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/545993c3-a705-4678-9dde-aa3e50058288.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/MustStopMurad/status/1807530036116750820" target="_blank" rel="noopener nofollow">Murad</a>
 </figcaption>
</figure>
However, several analysts predict July could be tougher than usual. They <a href="https://cointelegraph.com/news/german-gov-sells-900-bitcoin-400-btc-coinbase-kraken">point to sizeable sale of Bitcoin</a> by the German government and the upcoming Mt. Gox repayments,&nbsp;which could put pressure on the price of Bitcoin.
<h2 data-ct-non-breakable="true" id="mt-gox-bitcoin-adds-new-pressure">Mt. Gox Bitcoin adds new pressure</h2>
The&nbsp;<a href="https://cointelegraph.com/news/3-things-spoil-bullish-july-for-bitcoin#:~:text=Mt.,-Gox%20unlocking%20%249&amp;text=Gox%2C%20once%20the%20largest%20Bitcoin,loss%20of%20over%20850%2C000%20BTC.">repayments are expected to see</a> around $8.5 billion in BTC paid back to creditors starting in the first week of July.
However, several analysts believe the impact of these <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">repayments may not be as dire</a> as many investors expect, with only $4 billion set to hit the spot BTC market. 
Related: <a href="https://cointelegraph.com/news/bitcoin-price-interesting-triple-candle-61-5-k">Bitcoin price gets 'interesting' as triple candle close sees $61.5K return</a>
Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, told Cointelegraph in a recent interview that Bitcoin had been trading strongly in a low to mid $60,000 range despite headwinds. 
He said he expects the asset to hold around this level but said it could fall to its “key support” level at around $57,000 in the coming weeks as Mt. Gox creditor repayments hit the market.
Historically, Bitcoin’s best monthly performance tends to arrive in November, with an average monthly gain of 46.81% since 2013. 
Magazine — <a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/">‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

History suggests Bitcoin poised for rebound in July

Table of Contents

Cointelegraph

Other articles published on Jul 1, 2024

Cosmic Kittens (CKIT) And The Five Reasons Why Dogecoin (DOGE) May Surge By 45% In a Few Months

BlackRock Launches IBIT, Promises Transformative Opportunities for Chilean Investors

German government moves additional $94 million worth of bitcoin to exchanges

Bitget and Foresight Ventures Launch $20 Million TON Ecosystem Fund

Bitcoin, Ethereum ETF Inflows 'Will Change The Mood Completely,' Says Trader: 'Up Often, Up Only'

7 Simple Ways to Make Money from Home in 2024 (Passive Income)

Join our free newsletter for daily crypto updates!