To this point in July, the Bitcoin price has shown positive movement, rising from the bearish pattern of June and rising to new month-to-month highs. Whereas this enhance has been encouraging, it nonetheless leaves doubt within the hearts of traders, because the BTC value stays under $70,000. With the month drawing near a speedy finish, the query stays if the Bitcoin value will end out this month within the inexperienced or if it would succumb to the bears as soon as once more.
How Bitcoin Worth Has Carried out Traditionally
Historic information can typically be helpful for traders relating to risky belongings comparable to Bitcoin, because it may present perception into the place the worth is headed subsequent. For one, the BTC price has repeated the identical tendencies, a kind of being the four-year cycle of the bull markets.
On the shorter timeframe, month-to-month efficiency can be a useful indicator for the place the Bitcoin value could be headed subsequent, particularly taking into consideration how the months main as much as July have additionally carried out compared to historic information.
Utilizing data from Coinglass, we are able to see that the month-to-month returns for Bitcoin for the primary quarter of the 12 months stayed in keeping with performances from 2023. The primary three months of January, February, and March have all been inexperienced, similar to it was final 12 months.
Nevertheless, within the second quarter, the Bitcoin price took an attention-grabbing flip when it comes to month-to-month efficiency. As an alternative of sticking with earlier performances, every month has carried out the alternative of what occurred in the identical month in 2023.
For instance, in April 2023, Bitcoin saw positive monthly returns of two.81%, however in April 2024, it turned unfavourable as the worth crashed 14.76%. This was the case for each Might and June, with an 11.07% enhance in Might 2024 in comparison with a 6.98% decline in Might 2023, and a 6.96% decline in June 2024 in comparison with an 11.98% enhance in June 2023.
Going into the third quarter of the 12 months, Bitcoin seems to be following the trend that began within the second quarter. With solely per week left to go in July, the Bitcoin value is already up 7.27%, in comparison with a 4.02% decline in July 2023.
Now, if the third quarter goes in the identical route because the second quarter, it implies that July may end out July 2024 within the inexperienced. Moreover, provided that August 2023 noticed the BTC price shut out the month with an 11.29% loss, it bodes nicely for the worth, as this might level to a rise in value going into August as nicely.
Featured picture created with Dall.E, chart from Tradingview.com
