So far in July, the Bitcoin price has shown positive movement, rising from the bearish development of June and rising to new month-to-month highs. While this improve has been encouraging, it nonetheless leaves doubt within the hearts of traders, because the BTC worth stays under $70,000. With the month drawing near a speedy finish, the query stays if the Bitcoin worth will end out this month within the inexperienced or if it can succumb to the bears as soon as once more.
How Bitcoin Price Has Performed Historically
Historical information can usually be helpful for traders in terms of risky belongings akin to Bitcoin, because it may present perception into the place the worth is headed subsequent. For one, the BTC price has repeated the identical developments, a type 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 worth could be headed subsequent, particularly bearing in mind how the months main as much as July have additionally carried out compared to historic information.
Using data from Coinglass, we will 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 first three months of January, February, and March have all been inexperienced, similar to it was final 12 months.
However, within the second quarter, the Bitcoin price took an fascinating flip when it comes to month-to-month efficiency. Instead 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 damaging as the worth crashed 14.76%. This was the case for each May and June, with an 11.07% improve in May 2024 in comparison with a 6.98% decline in May 2023, and a 6.96% decline in June 2024 in comparison with an 11.98% improve 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 every week left to go in July, the Bitcoin worth is already up 7.27%, in comparison with a 4.02% decline in July 2023.
Now, if the third quarter goes in the identical course because the second quarter, it signifies that July may end out July 2024 within the inexperienced. Furthermore, on condition that August 2023 noticed the BTC price shut out the month with an 11.29% loss, it bodes properly for the worth, as this might level to a rise in worth going into August as properly.
Featured picture created with Dall.E, chart from Tradingview.com
