Bitcoin (BTC): Analysts Predict ‘Bullish July’ After 7% Fall in June

Joshua Ramos
Source: Watcher.Guru

Bitcoin could be set to enjoy a resurgence in July after BTC fell more than 7% in value in June. A host of market analysts have pointed to a bullish shift for the leading cryptocurrency. Last month, Bitcoin miners had sold nearly $2 billion worth of their own holdings.

That was closely connected to declining revenue, a byproduct of the token’s halving event that took place earlier this year. The German government also offloaded 1,500 BTC worth $95 million last month. That also had a notable effect on the selling pressure that stifled growth for BTC in June.

Source: Watcher.Guru

Also Read: Solana (SOL) Surges 800% This Year, Outpacing Bitcoin & Ethereum

BTC Could Surge in July, as Analysts Forecast Bullish Turn

Source: Watcher.Guru

In a recent Telegram post, Singaporean crypto firm QCP predicted that Bitcoin would enjoy a “bullish July” after losing more than 7% of its value in June. The firm noted that the crypto surged last week, increasing from $60,000 to above the $63,000 level. They also point to the ongoing net inflows of Spot Bitcoin ETFs as an important factor of its impending rally.

“BTC Spot ETF inflows also continue to recover,” the trading firm stated. They note that $73 million net inflows Friday was the highest that the token saw in 2 weeks. “Looking at seasonality,” they added, “BTC has a median return of 9.6% in July and tends to bounce back strongly, especially after a negative June (-9.85%).

Also Read: BlackRock: Bitcoin Is A Hedge Against Geopolitical Uncertainty

They weren’t the only ones with high hopes for Bitcoin, as Rekt Capital shared a similar sentiment. Taking to X (formerly Twitter), the firm said the token is “doing all the right things” to incite price action at $60,000. Moreover, they predict the asset would “rally back to the Range High at $71,500.”

Over the last 24 hours, Bitcoin has increased more than 2%, according to CoinMarketCap. Its volume has also surged almost 74% in that same time frame. Conversely, the token has also seen a 4% bump from the ongoing 2024 US presidential election discussions. 10x Research noted Biden’s presence has increased the value, but also questions the sustainability of that metric.