Bitcoin (BTC) could be set to recover in July after BTC lost more than 7% of its value in June. Many market analysts are expecting green to return in July.
In June, Bitcoin miners liquidated nearly $2 billion worth of BTC. That is closely related to the drop in mining revenue, which is due to the Bitcoin Halving event that took place earlier this year. In addition, the German Government also sold 1,500 BTC worth $95 million last month. These had a significant impact on the selling pressure that held back BTC’s recovery in June.
Could BTC surge in July?
In one Recent Posts on TelegramSingapore-based cryptocurrency firm QCP has predicted that Bitcoin will have a “bullish July” after losing more than 7% of its value in June. The firm noted that BTC’s price skyrocketed last week, rising from $60,000 to above $63,000.
QCP also points to the ongoing net inflow of Bitcoin spot ETFs as a key factor for the market’s upcoming bull run.
“Bitcoin spot ETF inflows continue to recover,” QCP said in a statement. The firm noted that net inflows of $73 million last Friday were the highest the coin had seen in two weeks.
“If we look at Bitcoin’s previous growth history, it has an average return of 9.6% in July and tends to recover strongly, especially after a negative June (-9.85%),” QCP added.
QCP are not the only ones bullish on Bitcoin, Rekt Capital also shares a similar view.
On X, Rekt Capital said “Bitcoin bulls are on track to trigger price action at $60,000,” predicting BTC to hit $71,500.
Bitcoin is doing all the right things to form a cluster of price action at this Range Low at $60600
This cluster could develop over the whole month of July
But ultimately, it exists to prepare Bitcoin for a rally back to the Range High at $71500$BTC #Crypto #Bitcoin https://t.co/mQVoQh7DHW pic.twitter.com/d71PQqtkyg
— Rekt Capital (@rektcapital) June 30, 2024
Over the past 24 hours, BTC price has stabilized around $62,500, according to CMC. BTC trading volume also increased by nearly 74% in the same time frame.
BTC is also in the news thanks to ongoing discussions about the 2024 US Presidential election. Donald Trump has said that the US will become a Bitcoin mining hub if he is re-elected as President of the country in November this year.
See also: Analyst: Now is a good time to buy
