The king of cryptocurrency, Bitcoin, finished June on a high note and started a new month. What will July bring? We can make some predictions by looking at Bitcoin’s performance during the same period in the past. What are experts expecting for cryptocurrencies in July? Will the rise in cryptocurrencies continue? Here are the details.
Bitcoin (BTC)
Bitcoin gained 12% value in June, but July could be full of surprises. Some experts argue that this month might not go as well as June. Popular trader CryptoBullet admitted in his post on July 1 that July might not offer a significant rise in BTC prices.
Data obtained from TradingView and CoinGlass confirm that the monthly close on Bitstamp was $30,465. These levels continued to be maintained over the weekend, marking the best June performance since 2019.
Bitcoin’s July Performance Over the Years
According to historical standards, July looks even better; BTC price has never lost more than 10% throughout the month. However, CryptoBullet’s “common sense” dictates that BTC/USD needs to fall below some key moving averages.
“June surprised me. We had a very bullish monthly close: BTC tested the MA50, bounced strongly, and managed to regain the EMA21! I could repeat what I said: BTC could go to $35,000 (for liquidity hunting), but this medium-term bullish rally is ending. Probably this month.”
DecenTrader draws attention to the accumulating short positions towards $35,000. Elsewhere, generally optimistic Rekt Capital suggests that a test below $30,000 is imminent for Bitcoin despite the monthly close. According to him, this is a prerequisite for the rally to be healthy.
“The price is currently around $30,500. I wonder which negative catalyst will appear soon to facilitate this technical retest.”
In addition, even if the BTC price falls below this downward target, it would not constitute an “unusual” event, he argued. As this article was being prepared, BTC continues to find buyers at $30,591.
