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Bitcoin is anticipated to exhibit strong performance in July following a nearly 7% decline in June. Despite concerns over Mt. Gox repayments, historical data shows an average 7.42% gain in July, hinting at a potential rebound.
Bitcoin Poised for Strong July Recovery Despite June Decline and Mt. Gox Repayment Concerns
According to Cointelegraph, Bitcoin is expected to exhibit robust performance in July; however, Mt. Gox is tamping down expectations for a recovery.
Bitcoin may experience a robust recovery in July, following a disappointing June performance, during which it experienced a nearly 7% decline.
According to Coinglass data, which has been monitoring Bitcoin's monthly returns since 2013, the price of Bitcoin declined up to 6.96% last month and has historically averaged a drop of 0.35% in June.
The data indicates that Bitcoin has historically experienced an average gain of 7.42% in the subsequent month, following a downtrend in June.
BTC has achieved a minimum monthly gain of 8% for seven of July's last eleven trading periods.
Murad, a Memecoin analyst, also emphasized this in a post to their 103,000 followers on X, citing the rapid historical rebounds that began in July.
Murad observed that Bitcoin had achieved a minimum gain of 28% in the initial weeks of July for the previous six years.
However, numerous analysts anticipate that July will be more challenging than usual. They attribute the potential price pressure to the German government's substantial Bitcoin sales and the forthcoming Mt. Gox repayments.
Bitcoin Faces $8.5 Billion Mt. Gox Repayments; Analysts Predict Limited Market Impact and Stability
Creditors are anticipated to receive approximately $8.5 billion in Bitcoin as part of these repayments starting in the first week of this month.
Nevertheless, several analysts think that the repercussions of these repayments may not be as severe as many investors anticipate, with only $4 billion of this sum expected to affect the spot BTC market.
Last week, Jonathan de Wet, the chief investment officer at ZeroCap, a digital asset trading firm, informed Cointelegraph that Bitcoin had been trading solidly in the low to mid $60,000 range despite headwinds.
He anticipates the assets remaining at this level. Still, he acknowledges that it could decline to its "key support" level of approximately $57,000 in the upcoming weeks as Mt. Gox creditor repayments are released into the market.
Historically, November has been the month in which Bitcoin has demonstrated the most impressive monthly performance, with an average monthly gain of 46.81% since 2013.
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