BTN News: Bitcoin might see a big rise in July after a poor June when it fell almost 7%.
Data from Coinglass, which tracks Bitcoin’s monthly returns since 2013, shows Bitcoin usually drops an average of 0.35% in June. But the data also shows that when June ends badly, Bitcoin often bounces back strongly in July, with an average gain of 7.42%.
In the last 11 Julys, Bitcoin has seen monthly gains of at least 8% seven times.
Analyst Highlights Historical Gains in July
Murad, a memecoin analyst, told his 103,000 followers on X that Bitcoin has seen minimum gains of 28% in the first weeks of each July for the past six years in a row.
However, some analysts warn that this July could be tougher than usual. They mention big Bitcoin sales by the German government and upcoming Mt. Gox repayments as possible pressures on Bitcoin’s price.
Mt. Gox Repayments May Affect Bitcoin Price
Creditors of Mt. Gox are expected to get about $8.5 billion in Bitcoin starting the first week of July. Some analysts think the impact of these repayments may not be as bad as many investors fear since only $4 billion will affect the Bitcoin spot market.
Jonathan de Wet, Chief Investment Officer at digital asset trading firm ZeroCap, told Cointelegraph in a recent interview that Bitcoin has been trading strongly in the lower to mid-$60,000 range despite challenges. He thinks Bitcoin will stay around this level but warns it could fall to its key support level of about $57,000 when Mt. Gox creditors’ repayments reach the market.
Historically, November has been the best month for Bitcoin, with an average monthly gain of 46.81% since 2013.
