The price of Bitcoin (BTC) rejected many attempts at recovery this month in alignment with its historical trends. The price of Bitcoin at the time of writing has showcased two distinct price performances today. From a low of $60,630.05 in the past 24 hours, the coin has rallied to $61,605.23, making a growth rate of 1.23% in 24 hours.
Will Bitcoin History Repeat Itself In July
The price history of Bitcoin is one of the most intriguing per the trends observed. According to insights from Cryptorank, June will mark the second month thus far this month that the price of Bitcoin will close negative.
While January closed 0.87%, February and March ended with 44% and 16.3% respectively. It is worth noting that with the spot Bitcoin ETF launch, BTC price peaked at its All-Time High (ATH) of $73,750.07 in March. The bullish streak switched to a bearish one in April when it closed down by 14.7%.
Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob
— Ali (@ali_charts) June 30, 2024
However, the month of May saw the coin jump 11.1%, a trend that is now set to change with 8.79% drop thus far this month. Since 202o, the price of Bitcoin has recorded more historical plunges. The month has not been particularly a bullish one for Bitcoin with 4 out of the past 5 years ending in the red.
Despite the erratic posturing of Bitcoin that saw the price trade from a low of $58,554.25 and a high of $71,907.85, market experts remain enthusiastic for its future trajectory. Unlike last June that ended 11.9% high, the last July saw BTC slump by 4.04%. The coin might choose to reverse the trend and end at higher level than where it started from.
While BTC has no major regulatory headwind to watch out for, months like October with historical bullish trend spells good omen for the coin.
BTC Growth Catalyst To Watch Out For
Only very few fundamentals are fueling the resilience and growth in the price of Bitcoin. At the moment, spot BTC ETFs remains the biggest reasons why the coin has not fallen toward the $50,000 support zone.
Notably, spot ETF have seen a reasonable hit thus far this month in relation to their outflows. However, the ETF products have immense hope for recovery. This is because many corporate entities are looking to make their way into the crypto scene.
If achieved, the intensive inflow into the product in the coming months might help return Bitcoin price to its previous ATH.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
