Bitcoin Price Could Surge 10 in July Reaching 70K Predicts Leading Analyst
Key Points
Financial analyst Ali Martinez points to historical trends indicating that Bitcoin could see an 8% to 10% recovery in July.
Experts anticipate a breakout from a Descending Broadening Wedge, potentially propelling Bitcoin to $70,000.
Bitcoin experienced a significant 17% drop in June, impacting the overall value of the global cryptocurrency market.
Bitcoin investors faced a challenging month in June, with the cryptocurrency losing almost 17% of its value. This downward trend wasn’t isolated to Bitcoin alone, as the entire crypto market felt the impact, leading to a 10.27% decrease in total capitalization from $2.53 trillion to $2.27 trillion by the end of the month. But the story doesn’t end there!
As July kicked off, Bitcoin started to show signs of recovery. Within a single day, the cryptocurrency surged by 4% and is currently trading at $63,360. Analysts in the crypto space are feeling positive, predicting a potential 10% increase in Bitcoin’s value in the near future.
Is this a turning point for Bitcoin?
Predictions for July: A Glimpse into the Past
Respected chart analyst Ali Martinez has pointed out trends that suggest Bitcoin’s recent price movements align with historical patterns that could signal a significant recovery. Over the years, Bitcoin has often bounced back strongly in July following a negative performance in June.
In June, Bitcoin’s price settled around $61,670 after a sharp decline to $58,759. This drop was influenced by various factors such as the Mt. Gox repayment, macroeconomic conditions, and a decrease in spot Bitcoin ETFs. Despite these challenges, historical data hints at a potential rebound for Bitcoin.
Martinez’s analysis reveals that historically, Bitcoin has seen an average return of 7.98% and a median return of 9.60% during July. This historical trend offers hope to investors seeking a recovery after a tough June.
Positive Sentiment Prevails
In line with this optimistic outlook, prominent crypto trader Captain Faibik believes that Bitcoin is on the verge of a significant breakout from a Descending Broadening Wedge pattern, signaling a potential upward move.
Faibik predicts that a successful breakout from this pattern could propel Bitcoin to $70,000, representing a roughly 10% increase. This positive forecast aligns with Martinez’s analysis, suggesting that after a negative performance in June, Bitcoin tends to rally by around 9.60% in July.
Promising Future Ahead
If Bitcoin continues to follow its historical pattern, investors could witness a substantial price surge in July, potentially reaching close to $70,000.
Presently, Bitcoin is trading at $63,360, reflecting a 4% increase. Additionally, the 24-hour trading volume has surged significantly, hovering around $21.18 billion, with a market capitalization of $1.24 trillion.
Past trends indicate a potentially profitable July for Bitcoin. Are you prepared?