Bitcoin [BTC] has been moving on from a difficult June and starting a new chapter this month. Over the past 30 days, BTC dipped by 8.44%. The king coin even dropped below $60,000 sending investors into a frenzy. But recovery wasn’t too far away. At press time. BTC was trading at $62,293 with a 0.46% daily drop. The asset is currently 14% below its all-time high of $73,750. The real question is if the king coin can hit its all-time high this month.
According to Changelly, Bitcoin will be trading at an average price of $69,030.74 in July. The asset could further surge to a high of $74,720.48 which is beyond BTC’s all-time high. Bitcoin is expected to hit this level sometime around July 8 to July 10.
Also Read: Bitcoin (BTC): Analysts Predict ‘Bullish July’ After 7% Fall in June
Catalysts for Bitcoin’s Rise
A major sign of investor optimism is the volume of money flowing into Bitcoin ETFs. Almost 130 million dollars were invested in US-listed exchange-traded funds [ETFs] on July 1. This marks the biggest amount since early June. This capital inflow follows a June in which there were withdrawals of over 900 million dollars. This reversal is considered a powerful indication of confidence in Bitcoin’s positive prospects in the upcoming weeks. Singapore-based QCP Capital further said,
“Bitcoin has a median return of 9.6% in July and tends to bounce back strongly, especially after a negative June (-9.85%). Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.”
If history repeats and market sentiment goes well, Bitcoin is slated to have a bullish July. The king coin might even secure a new all-time high.
Also Read: New ETF Proposal Aims To Combine Bitcoin and Gold