After performing poorly in July with a nearly 10% drop in value, Bitcoin may experience a significant rebound in August.
Coinglass’s historical data has tracked monthly returns of Bitcoin since 2013. It shows that the month of July has historically been a weak month for BTC, with an average decline of 7.42%. However, the data also indicates that the leading cryptocurrency often sees a strong rebound in August, with an average increase of 8%.
In fact, over the past eight years, Bitcoin has experienced at least a 10% increase in August for six of those years. This historical pattern suggests that BTC tends to recover well after a decline in July.
Cryptocurrency meme analyst Murad emphasizes this trend and tweeted to his followers on Twitter, describing how Bitcoin has achieved a minimum increase of 10% in the first few weeks of August for the past six years.
Despite the optimistic historical trend, some analysts warn that July may be more challenging than usual. They point out the following factors that may exert downward pressure on the price of Bitcoin:
1. Discounts on Bitcoin payments from the German government and upcoming Mt. Gox settlements.
Overall, while the outlook is positive based on historical trends, there are potential challenges to consider in July.
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