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Numerous market analysts anticipate a significant rebound for Bitcoin in July following a decline of approximately 7% in June.
In the previous month, BTC encountered substantial selling pressure from Bitcoin miners who capitulated, liquidating around $2 billion of their assets due to diminishing revenue. The ongoing selling activities from governments, including those in the United States and Germany, contributed to the additional selling pressure.
Nonetheless, some market watchers are optimistic that BTC will recover from the lows experienced in June and achieve a robust performance in July.
Optimistic July
QCP, a crypto trading firm based in Singapore, indicated that current indicators suggest BTC is poised for a “bullish July.”
The firm noted that historical trends reveal Bitcoin has a median return of 9.6% in July and typically rebounds strongly, particularly after a negative June.
QCP expects this pattern to persist, highlighting that Bitcoin exchange-traded funds (ETFs) are once again seeing inflows. The company observed that the ETFs experienced their highest daily inflow in two weeks, with $73 million entering these financial instruments on June 28.
This significant inflow, along with the activity reported by the firm’s options desk, suggests that the market is gearing up for an upward movement. It stated:
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“Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.”
Additionally, crypto trader Rekt Capital supported QCP’s optimistic forecast. The analyst remarked that Bitcoin is aligning itself to create a cluster of price actions that could evolve throughout July. He added:
“But ultimately, it exists to prepare Bitcoin for a rally back to the Range High at $71,500”
Political factors
In the meantime, crypto research firm 10x Research pointed out that these forecasts might be influenced by US political dynamics.
The firm commented:
“Bitcoin has rallied +4% as US President Biden refuses to let other Democratic candidates run against former President Trump.”
However, it questioned whether this trend would be sustainable over the long term.
Last week, former President Donald Trump debated President Joe Biden, raising concerns about the current president’s capability to lead in the upcoming November elections.
The post Bitcoin set for ‘bullish July’ after June slump, analysts predict appeared first on CryptoSlate.
