To this point in July, the worth of Bitcoin has proven constructive motion, rising from the bearish pattern of June and rising to new month-to-month highs. Whereas this enhance was encouraging, it nonetheless leaves doubts within the hearts of buyers as the worth of BTC stays under $70,000. With the month rapidly coming to a detailed, the query stays whether or not the worth of Bitcoin will finish this month within the inexperienced or succumb to the bears as soon as once more.
How the worth of Bitcoin has carried out traditionally
Historic information can usually be helpful for buyers in terms of unstable property like Bitcoin, because it may present perception into the place the worth will likely be headed subsequent. First, the worth of BTC has repeated the identical developments, one among which is the four-year bull market cycle.
Within the shorter time period, month-to-month efficiency will also be a helpful indicator of the place Bitcoin's value may very well be headed subsequent, particularly contemplating how the months previous to July have fared in comparison with historic information.
Based mostly on information from Coinglass, we see that Bitcoin's month-to-month returns for the primary quarter of the yr remained according to the performances of 2023. The primary three months of January, February and March have been all within the inexperienced, identical to final yr.
Nonetheless, within the second quarter, the worth of Bitcoin took an attention-grabbing flip when it comes to month-to-month efficiency. As a substitute of sticking to earlier performances, every month did the alternative of what occurred in the identical month in 2023.
For instance, in April 2023, Bitcoin recorded constructive month-to-month returns of two.81% however turned detrimental in April 2024 as the worth fell by 14.76%. This was the case in each Might and June, with a rise of 11.07% in Might 2024 in comparison with a lower of 6.98% in Might 2023 and a lower of 6.96% in June 2024 in comparison with a rise of 11.98 % in June 2023.
Within the third quarter of the yr, Bitcoin appears to be following the pattern that began within the second quarter. With only one week left in July, the worth of Bitcoin is already 7.27% increased in comparison with a 4.02% decline in July 2023.
Now, if the third quarter goes in the identical route because the second quarter, which means July may finish July 2024 within the inexperienced. Moreover, provided that in August 2023 BTC value closed the month with a lack of 11.29%, that is good for the worth because it may point out a value enhance in August as properly.
Featured picture created by Dall.E, chart from Tradingview.com
