Bitcoin (BTC) may see a strong rebound in July following a lackluster performance in June, which saw Bitcoin falling almost 7% in the month, according to analysts
The price of Bitcoin dropped as much as 6.96% last month and has historically averaged a slump of 0.35% in June, according to data from Coinglass — which tracks the monthly returns of Bitcoin beginning in 2013.
In a June 30 post to X, Ali Martinez, a crypto markets analyst, noted that in previous years, whenever the month of June ends in a downtrend, the following month sees 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 eleven July trading periods.
Memecoin analyst Murad also noted 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.
However, several analysts predict that July could be a tougher month than usual, pointing to sizeable sales of Bitcoin from the German government and the upcoming Mt. Gox repayments which could put pressure on the price of Bitcoin.
Mt. Gox Bitcoin adds new pressure
These repayments are expected to see around $8.5 billion in BTC paid back to creditors starting in the first week of this month.
However, several analysts believe the impact of these repayments may not be as dire as many investors expect, with only $4 billion of this amount standing to hit the spot BTC market.
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Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap told Cointelegraph last week 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 noted 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, posting an average monthly gain of 46.81% since 2013.
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