Bitcoin Bulls Take a Step Back Q2 Performance Dips Following Strong Start in 2024
**Story Highlights**
– Bitcoin price dropped 12% in Q2 2024, contrasting with a positive return in the same period of 2023.
– Despite the Q2 decline, Bitcoin’s overall price for the first half of 2024 remains positive.
– Historically, June usually yields positive returns for Bitcoin, but this trend did not hold in 2024.
– Enthusiasts would agree that Bitcoin had a tumultuous ride in Q2 2024.
– After a robust start to the year, the world’s most famous cryptocurrency took a nosedive. This report delves into quarterly and monthly returns, comparing them to previous years and analyzing the data for a clearer understanding of performance.
**Quarterly Performance: A Sharp Decline**
Bitcoin’s returns for Q2 2024 show a 12% decline, with the price at the end of June 2024 being 12% lower than at the beginning of April 2024. The closing price of Q2 2024 was $62,743, down from $71,262 in Q1 2024. This sharp decline contrasts with the same quarter in 2023, where Bitcoin saw a positive return of 7.03%.
**Monthly Breakdown: Peaks and Troughs**
Breaking down the monthly performance in 2024, Bitcoin’s price fell by 7% in June, following an 11.1% increase in May and a 14.7% drop in April. Earlier in the year, Bitcoin enjoyed significant gains, with returns of +16.3% in March, +44% in February, and a modest +0.87% in January.
**Year-on-Year Bitcoin Performance Comparison**
Comparing year-on-year performance, Bitcoin’s Q2 2024 decline stands out against its Q2 2023 return of +7.03%. Despite the recent dip, Bitcoin’s six-month price change remains positive at +42.4%, highlighting its strong performance in the first half of the year. However, the three-month price change shows a -9.92% decline as of July 1, 2024.
**Historical Trends: Seasonal Patterns**
Looking at historical data from 2011 to 2024, Bitcoin’s average monthly returns reveal intriguing patterns. June typically sees an average return of +7.91%, while May averages +20%, and April stands out with a robust +34.7%. March and February also display positive averages at +11.8% and +16.6%, respectively, with January averaging +9.78%.
Bitcoin’s performance in Q2 2024 underscores the cryptocurrency’s inherent volatility. Despite the recent decline, historical and early 2024 data reveal periods of significant growth, highlighting Bitcoin’s enduring potential amidst its fluctuating trends.
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**Tags:**
– Bitcoin
– Price Analysis