Will history repeat itself in July?
The Bitcoin (BTC) price has rejected many recovery attempts this month, in line with its historical trends. At the time of writing this article, the price of Bitcoin showed two different price performances today. From the low of $60,630.05 in the last 24 hours, the cryptocurrency rose to $61,605.23, marking a growth rate of 1.23% in 24 hours.
Will Bitcoin History Repeat in July?
Bitcoin’s price history is one of the most interesting in terms of observed trends. According to Cryptorank’s insights, June will be the second month so far that Bitcoin’s price will close negative.
While January closed with 0.87%, February and March ended with 44% and 16.3%, respectively. It is worth noting that with the launch of the Spot Bitcoin ETF, the BTC price reached its All Time High (ATH) of $73,750.07 in March. The upward trend closed by 14.7% in April, turning into a downward trend.
However, May saw the coin rise by 11.1%, and this trend is expected to change with a decline of 8.79% so far this month. Since 2020, Bitcoin price has recorded further historical declines. This month has not been a particularly bullish month for Bitcoin, as 4 of the past 5 years have ended in the red.
Despite Bitcoin’s volatile price stance, which has seen it drop from a low of $58,554.25 and a high of $71,907.85, market experts remain enthusiastic about Bitcoin’s future trajectory. Unlike last June, which ended at a high of 11.9%, last July saw BTC drop by 4.04%. The coin may choose to reverse the trend and finish higher than where it started.
While BTC doesn’t have any major regulatory headwinds to watch out for, months with historical uptrends like October bode well for the cryptocurrency.
BTC Growth Catalyst to Watch Out for
Few fundamentals are fueling the resilience and growth of Bitcoin’s price. Right now, spot BTC ETFs remain the biggest reason why the cryptocurrency has not fallen to the $50,000 support zone.
Spot ETFs have taken a fair hit so far this month in terms of outflows, but ETF products have a lot of hope for a recovery, as many institutional entities are looking to enter the crypto scene.
If successful, heavy inflows into the product in the coming months could help Bitcoin price return to its previous ATH level.
Read More: Toncoin Price Analysis: Can TON Leverage $700 Million TVL to Reach New High?
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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