Summary
- Bitcoin rose about 9.5% in July, marking its strongest July performance in the past four years, but the short-term rebound could still be followed by another correction.
- In 2022, Bitcoin also posted a roughly 17% rebound in July before falling an additional 14% in August and 3% in September, extending the bear market.
- Analysts said the third quarter has historically been Bitcoin’s weakest quarter, and that after July’s relief rally, the token could give back those gains in August and form a bear-market bottom before year-end.
Forecast Trend Report by Period
Bitcoin has risen about 10% this month, posting its strongest July performance in four years. Even so, the short-term rebound may yet give way to another correction.
Cointelegraph reported on July 11, citing CoinGlass data, that Bitcoin is up about 9.5% so far in July. That is its biggest July gain in the past four years.
Still, some analysts say it is too early to treat the move as a full bullish reversal. In 2022, Bitcoin tumbled about 38% in June before rebounding about 17% in July. It then fell another 14% in August and 3% in September, prolonging the bear market.
Daan Crypto Trades wrote that Bitcoin is following its typical July pattern so far, though it remains too early in the month to draw firm conclusions. He added that the third quarter has historically been Bitcoin’s weakest quarter, including during bull markets.
Rekt Capital said Bitcoin’s current price action also resembles past bear-market moves. If history repeats, Bitcoin could extend its relief rally through the second half of July, then surrender most of those gains in August and go on to form a typical bear-market bottom before year-end.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.