Bitcoin Bottoms Out? Will July Finally Be Bitcoin’s Lucky Month?

As everyone can see, Bitcoin is experiencing back-to-back declines, dropping 7% in the month of June alone, a score that holders are clearly not happy with. However, when looking at the money behind the scenes data for the month of June, we can see that even in the midst of such a sharp decline, $790 million flowed into the Bitcoin ETF. and on the 1st day of July, there was a net inflow of $129 million into the Bitcoin ETF. some experts are predicting a strong rebound in the price of Bitcoin in the month of July, with an average return of 9.6%.

Will July be a lucky month for Bitcoin? Historical data shows that July is usually a strong month for bitcoin. Singapore-based QCP Capital said, “Bitcoin’s median return for July was 9.6%, especially after a weak June, and July returns tend to be higher.”

QCP Capital emphasizes that many signs point to a strong July 2024 rally. A look at history will also show that over the past 10 years, Bitcoin has averaged more than 11% gains in July. In particular, from 2019 to 2022, July returns were 27%, 20% and 24%, respectively. This shows the seasonal trend that characterizes Bitcoin.

The same seasonal trend applies to the stock market. For example, stocks associated with risky assets such as Bitcoin also tend to perform strongly in July. Global investment bank Royal Bank of Canada Capital Markets is predicting a rise in the U.S. stock market in July. According to CNBC, Royal Bank of Canada raised its forecast for the S&P 500 this year from 5,300 to 5,700.

Let’s return to the present and look at the mining data. The devices that dominate in terms of volume are still the more energy-efficient bitcoin miners, and the recent repeated drop in the coin price has caused many machines to start gradually shutting down, and the network-wide arithmetic power to drop to pre-December 2022 levels. Once the coin price falls below and miners quit in large numbers, the game of bitcoin is clearly untenable, and I believe that both long and short bitcoin bookmakers do not want to see this end and will not let it happen. In the same context, miners are also now less willing to sell after experiencing a massive sell-off of bitcoin during periods of currency price volatility, and market liquidity has dropped significantly. This set of indicators is also suggesting that the coin price may have bottomed out.

So, will July really be a lucky month for Bitcoin? If you also think that Bitcoin is about to come out of the gloom, don’t forget that mining is pretty much the only way to buy bitcoin at a low price, feel free to ask us about the various models of BTC ASICs, ANTMINER S21 PRO and other S21 series, WHATSMINER M50, etc. are available for sale/pre-sale.

Finally, BITMARS would like to remind everyone that all investments carry risks, so decisions should be made cautiously.

BITMARS is an internationally renowned crypto miner trading company. We provide comprehensive, professional, timely, and cost-effective miner purchasing and hosting services to maximize your wealth!