Bitcoin (BTC) Price Poised to Surge 8% to 10% in July, Historical Patterns Suggest

Analyst Ali Martinez highlights historical patterns suggesting Bitcoin's potential for a 8% to 10% recovery in July.

Bitcoin price dropped nearly 17% in June, heavily impacting the global crypto market.

As July begins, Bitcoin is showing signs of recovery, surging by 4% within a day.

After a difficult June, analysts predict a potential 8% to 10% increase in Bitcoin price.

Bitcoin price has shown resilience following a negative June, often bouncing back strongly in July.

According to historical data, Bitcoin has shown an average return of 7.98% and a median return of 9.60% during July in past years.

After experiencing a sharp decline to $58,759 in June, Bitcoin’s price consolidated around $61,670. This drop was primarily influenced by Mt. Gox’s repayment, some macroeconomic factors, and a decrease in spot Bitcoin ETFs. However, the historical trend suggests that Bitcoin may be poised for a rebound.

Chart analyst Ali Martinez has highlighted trends suggesting that Bitcoin’s recent price action aligns with historical patterns that could lead to a notable recovery.

“Historically, when #Bitcoin has had a negative June, it tends to bounce back 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 past years, Bitcoin has shown an average return of 7.98% and a median return of 9.60% during July. This trend provides a hopeful outlook for investors looking for a recovery after a tough June.

Another prominent crypto trader, Captain Faibik, suggests that Bitcoin price is on the brink of a significant upside breakout from a Descending Broadening Wedge pattern. This technical pattern often indicates a potential upside breakout.

“$BTC is on the Verge of Descending Broadening Wedge Upside Breakout..!!

A successful Breakout could Potentially send Bitcoin to $70,000

#Crypto #Bitcoin #BTC”

This pattern was observed on the 4hrs chart, indicating that the bitcoin price has fallen since last month.

However, if Bitcoin follows its historical pattern, investors might see a significant price surge in July taking its price to nearly $70K.

Currently, Bitcoin’s price is trading at $63,360, reflecting a surge of 4%. Apart from this 24-hour trading volume has seen a massive surge and hovering at $21.18 billion, with a market cap of $1.24 trillion.

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