Bitcoin has historically had a losing trend in the month of June, while July has been a winning month for the cryptocurrency. Data retrieved from CoinGlass shows that June has typically brought losses to Bitcoin traders, with an average loss of 0.19% and a median loss of 0.5% since 2013. As of now, Bitcoin is registering 5% losses for the month of June, following this historical pattern.
In contrast, July has been a historically positive month for Bitcoin, with a 7:11 winning ratio since 2013. In 2020, July marked the start of the last cycle’s bull market, bringing 24% gains over the month. Over the years, July has seen gains of 7.98% on average and 9.6% on median. Prominent cryptocurrency analyst Credible Crypto forecasts a potential surge for Bitcoin to $100,000 in July, while other analysts are looking at targets ranging from $72,000 to $83,000.
As of now, Bitcoin is trading at $64,260, testing the range’s support while trying to regain momentum. The cryptocurrency has gained 52.25% year-to-date, and if it remains at this level by the end of the month, a rally of 10% to 25% could drive Bitcoin to $70,000 to $80,000 by July 31. However, it is important to note that cryptocurrencies are volatile assets, and historical performance may not guarantee future results.
Investors are advised to remain cautious and have a clear entry and exit strategy when investing in cryptocurrencies to increase their chances of gains. It should be noted that the content on this site should not be considered as investment advice, as investing in cryptocurrencies is speculative and carries risks to your capital. It is important to conduct thorough research and consult with a financial advisor before making any investment decisions.
