As June typically brings a bearish period for Bitcoin, July is shaping up to be a month of potential recovery. Looking back at data from 2013 onwards, it’s evident that, apart from June, August, and September, all other months have shown consistent gains in both averages and medians over the past 12 years.
This year, June has continued the trend of retractions, with a 5% drop so far, just one week before the end of the month. Since 2013, the average June performance for Bitcoin traders has been a loss of 0.19%, with a median of -0.5%.
However, as we move into July, investors have cause for optimism. Historically, July has been a month of gains, especially for those holding long Bitcoin positions. With four months of gains and only two months of losses recorded in 2024 so far, the July trend could mark a welcome turnaround.
At the time of publication, the price of BTC was quoted at US$63,568.82 with a 1% drop in the last 24 hours.
In addition, Egrag Crypto’s analysis highlights crucial moments for Bitcoin’s dominance in the market. Levels of dominance at 57.5% and 50% are key. Breaking the 57.5% barrier could trigger a bull run, leading investors to strengthen their bets on Bitcoin at the expense of altcoins. This move could solidify Bitcoin’s status as the leading digital store of value, potentially driving its price above other cryptocurrencies.
On the other hand, a decline in Bitcoin dominance below 50% could spark an altcoin revolution. “If Bitcoin breaks the 57.5 wall and establishes dominance above this level, it could signal a bullish stampede towards Bitcoin,” explains an analyst at Egrag Crypto. Conversely, “A drop in Bitcoin dominance below the crucial 50 level could be the spark that ignites an altcoin revolution.”
It’s important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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