Bitcoin up nearly 4% today, July historically a good month to recover

Bitcoin has had a great start to July. At the moment, the price of Bitcoin 58,806.43 euros, an increase of 3.76%. This recovery comes as a welcome surprise after a decline of 6.96% in June. Can we now expect a further recovery?

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Historically, the period from May to November is a weaker time for the crypto market. Although many analysts and investors see this as too simple an analysis, the figures show an interesting pattern.

July mostly positive for Bitcoin

If we look at the numbers from the past years, we see that when June ends with a downward trend, the month of July often shows a strong recovery. On average, Bitcoin rises by 7.42% in July. This pattern has repeated itself several times in the past.

Bitcoin has posted at least 8% gains in July in seven of the past eleven years. The other four years were less successful and ended in the red. A striking example is July 2020, when the price rose by as much as 24.03%.

Whether July 2024 will be such a strong month again remains to be seen. However, the current increase of almost 4% gives hope to investors. It is a positive start that may point to further gains in the coming weeks.

However, with the volatility of the crypto market, it is always exciting to see how prices develop. Investors therefore remain alert and closely monitor developments.

Can Bitcoin rise to 65,000 euros?

Crypto trader Captain Faibik suggests that Bitcoin price is on the verge of a significant upside breakout from a Descending Broadening Wedge pattern. You may forget that name unless you’re playing hangman this afternoon, but this technical pattern often signals a possible upside breakout.

Furthermore, Faibik predicts that a successful breakout from this pattern could send Bitcoin soaring to $70,000 (€65,078), representing an increase of around 10%.

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