Bitrabo Editorial
In July, Bitcoin has seen a positive trajectory, recovering from the bearish trend in June and reaching new highs. Despite these advances, lingering uncertainty exists among investors due to Bitcoin still trading below $70,000. As we approach the end of the month, the question remains whether Bitcoin will close out July on a positive note or fall prey to bearish pressure once more.
Analyzing Bitcoin’s Historical Performance
Examining historical data can offer valuable insights for investors navigating the volatile realm of Bitcoin, shedding light on potential future price movements. Notably, Bitcoin’s price tends to follow distinct patterns, including the four-year cycle of bull markets.
Zooming in on monthly performance can also serve as a useful metric for predicting Bitcoin’s next moves, particularly when comparing previous months to historical data trends leading up to July.
Drawing data from Coinglass, we observe that Bitcoin’s monthly returns for the first quarter of the year mirrored the performances of 2023. January, February, and March all saw positive gains, akin to the previous year’s trends.
However, the second quarter presented a twist in Bitcoin’s monthly performance trajectory. Contrary to past patterns, each month deviated from its 2023 counterpart in terms of price movement.
For example, April 2023 saw a 2.81% increase, while April 2024 experienced a 14.76% decline. Likewise, May and June of 2024 showcased price fluctuations opposite to those of 2023, indicating a divergence in trends.
Entering the third quarter, Bitcoin appears to be continuing the second quarter’s pattern. With July showing a 7.27% increase, in contrast to a 4.02% decline in July 2023, there is optimism for a positive July closure in 2024.
If the third quarter mirrors the second quarter, we anticipate Bitcoin ending July 2024 on a positive note. Moreover, the August 2023 scenario, where Bitcoin reported an 11.29% loss, hints at a potential price upturn in August this year.