Kelvin Daminabo
After a tumultuous June, Bitcoin (BTC) is poised for a price rebound in July, according to crypto market analyst Ali Martinez. Despite a 9.25% plunge in the past 30 days, Martinez notes that Bitcoin has historically averaged a 7.98% price increase in July following a negative June.
Martinez’s analysis is based on historical data, which shows that Bitcoin’s largest average price return of 46.81% occurred in November. The flagship cryptocurrency has experienced a slight bullish momentum in the past 24 hours, rising by 0.94% to trade at $61,450. Its market capitalization has surpassed the $1.2 trillion mark, with a daily trading volume of $13.1 billion.
However, billionaire entrepreneur and Bitcoin supporter Peter Thiel has tempered expectations, suggesting that the BTC price may not witness a dramatic rally. Thiel’s comments come despite his continued investment in Bitcoin, with his Founders Fund investing $200 million in the asset last year when its price was around $30,000.
The decline in Bitcoin’s price began on June 10, coinciding with the first set of net outflows in spot BTC exchange-traded funds (ETFs) in the US in one month. However, last week saw a reversal, with spot BTC ETFs experiencing $137.2 million in net inflows over the last four trading days, pushing total ETF net flows past $14.5 billion.
Martinez’s prediction suggests that Bitcoin may be due for a rebound, but Thiel’s cautionary comments highlight the uncertainty in the market. As the crypto landscape continues to evolve, investors and analysts alike will be watching Bitcoin’s price movements closely in the coming weeks.