Crypto market analyst Ali Martinez anticipates a price rebound for Bitcoin (BTC) in July after experiencing a month of bearish momentum.

According to Martinez, Bitcoin typically shows a price rebound in July following a negative June. Historical data reveals that BTC has recorded an average price rebound of 7.98% in July after a downturn in June. Over the past 30 days, Bitcoin’s price has dropped by 9.25%.

When Bitcoin has a negative June, it tends to recover strongly in July. In fact, BTC has shown an average return of 7.98% and a median return of 9.60% during this month.

In the recent timeframe, Bitcoin recorded a 30-day high of $71,907 and a low of $58,554. Data from Martinez also indicates that Bitcoin’s largest average price return occurred in November, with a significant 46.81% increase.

Bitcoin gained slightly bullish momentum over the past 24 hours, rising by 0.94%. Currently, the flagship cryptocurrency is trading at $61,450. BTC’s market cap has again surpassed the $1.2 trillion mark, with a daily trading volume of $13.1 billion.

Due to the declining trading volume, lower price volatility and liquidations are expected for Bitcoin.

On another note, billionaire entrepreneur and Bitcoin supporter Peter Thiel believes that the BTC price might not experience a dramatic rally. Thiel’s comments come despite him still holding a portion of Bitcoin. Last year, Thiel’s Founders Fund invested roughly $200 million in Bitcoin when its price was around $30,000.

Bitcoin’s downward momentum began on June 10 when the spot BTC exchange-traded funds (ETFs) in the U.S. recorded their first set of net outflows in a month. Last week, spot BTC ETFs saw $137.2 million in net inflows over four trading days, pushing the total ETF net flows past the $14.5 billion mark.

For more updates and in-depth analysis, stay tuned to Global Crypto News.

Post Views: 5