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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-prediction-historical-data-hints-btc-price-to-see-double-gains-in-july/">Bitcoin Price Prediction: Historical Data Hints BTC Price To See Double Gains in July</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency industry, led by <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC), has registered heightened selling pressure in the past few weeks. Although most of the altcoins have experienced a relief rebound in the past few days, further crypto market correction could be registered ahead if the buyers do not regain control.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-whales-activity-on-the-rise">Bitcoin Whales’ Activity on the Rise</h2> 
<p>The <a href="https://coinpedia.org/news/germanys-900-bitcoin-transfer-sparks-crypto-market-speculation/" target="_blank" rel="noreferrer noopener">German government</a> has been selling more Bitcoin’s in the past few days adding to the existing bearish sentiment. Although some analysts believe otherwise, the $9 billion Mt.Gox distribution will weigh heavily on buyers.</p> 
<p>Additionally, the <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">US spot Bitcoin ETFs</a> have recorded notable cash outflows in the past few weeks.&nbsp;</p> 
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   <p lang="en" dir="ltr">𝟭𝟬𝟯,𝟬𝟬𝟬 𝗕𝗧𝗖 worth $6.35 billion has been added to OTC desk wallets in 1.5 months.<br>&nbsp;<br>The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> price is falling and the OTC balance is increasing.<br><br>This shows that there are still not many buyers.&nbsp;<br>&nbsp;<br>Until this changes, the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> price downtrend or consolidation will… <a href="https://t.co/dZ2MHUZmg8">pic.twitter.com/dZ2MHUZmg8</a></p>— Wise Advice (@wiseadvicesumit) <a href="https://twitter.com/wiseadvicesumit/status/1805913956114141393?ref_src=twsrc%5Etfw">June 26, 2024</a>
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<p>According to on-chain data, around 103k Bitcoins, worth over $6.3 billion, have been added to the OTC markets in the past six weeks.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-midterm-btc-price-action">Midterm BTC Price Action</h2> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> has continued to range between $72k and $60k in the past four months, amid the heightened on-chain activity. From a technical standpoint, Bitcoin price against the US dollar could be forming a double top coupled with bearish divergence on the weekly Relative Strength Index (RSI).&nbsp;</p> 
<p>Bitcoin’s weekly bearish pattern will be confirmed if the flagship coin consistently closes below $60k in the coming days.</p> 
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   <p lang="en" dir="ltr">Historically, Falling <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> Price in June Means Double-Digit Gains in July<br><br>A thread <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/p3KSZqKKdx">pic.twitter.com/p3KSZqKKdx</a></p>— Laura Shin (@laurashin) <a href="https://twitter.com/laurashin/status/1805951290691744214?ref_src=twsrc%5Etfw">June 26, 2024</a>
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<p>However, if Bitcoin price follows its historical pattern, most analysts believe the instrument has already established a local bottom and is well positioned for a market rebound in July. Furthermore, Bitcoin price has rebounded with double digits in July for the past five years after a choppy June.</p> 
<p>The upcoming listing of <a href="https://markets.coinpedia.org/ethereum-etf/" target="_blank" rel="noreferrer noopener">spot Ethereum ETFs</a> in the United States is expected to trigger bullish sentiment across the industry.&nbsp; Moreover, the crypto liquidity will surge significantly following the listing of spot Ether ETFs as more institutional investors tap into the industry.</p> 
<p>Read Also: <a href="https://coinpedia.org/news/xrp-price-bigger-drops-ahead-price-to-soon-revisit-2020-lows/" target="_blank" rel="noreferrer noopener">XRP Price: Bigger Drops Ahead; Price To Soon Revisit 2020 Lows?</a></p>

Bitcoin Price Prediction: Historical Data Hints BTC Price To See Double Gains in July

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