Bitcoin
Bitcoin ‘Targets to Recover’ in July After Negative June
Crypto market analyst Ali Martinez expects a Bitcoin price recovery (BTC) price in July after a month of decline.
According to Martinez’s X post on Sunday, the price of Bitcoin saw an average recovery of 7.98% in July after a “negative June.” Data shows that the price of BTC has fallen by 9.25% in the last 30 days.
Historically, when #Bitcoin had a negative June, tends to recover strongly in July. In fact, $BTC it delivered an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
Bitcoin recorded a 30-day high of $71,907 and a low of $58,554 in the aforementioned period.
Furthermore, data provided by Martinez shows that the highest average return in Bitcoin price, at 46.81%, happened in November.
Bitcoin has gained a slight upward momentum over the past 24 hours, rising by 0.94%. The leading cryptocurrency is currently trading at $61,450 at the time of writing. BTC’s market cap has once again surpassed the $1.2 trillion mark, with a daily trading volume of $13.1 billion.
BTC price – June 30 | Source: TradingView
Due to the decline in trading volume, lower price volatility and liquidations would be expected for Bitcoin.
On the other hand, billionaire businessman and Bitcoin supporter Peter Thiel believes that the price of BTC may not witness a dramatic demonstration. Thiel’s comments were made while he still holds a portion of Bitcoin.
Last year, Thiel’s Founders Fund invested around $200 million worth of Bitcoin when the asset’s price was hovering around $30,000.
Bitcoin’s downward momentum began on June 10, when U.S. spot BTC exchange-traded funds (ETFs) recorded their first set of net outflows in a month.
Last week, BTC spot ETFs saw $137.2 million in net inflows in the last four trading days. This took the total amount of net ETF flows past the $14.5 billion mark.