Bitcoin may see a strong rebound in July following a weak performance in June. The cryptocurrency fell almost 7% last month. This trend aligns with historical data from Coinglass.
Bitcoin has averaged a 0.35% decline in June since 2013. However, July has typically been a strong month. BTC has posted minimum monthly gains of 8% in seven of the last eleven July periods.
Crypto analyst Ali Martinez noted a pattern on social media. When June ends in a downtrend, Bitcoin often gains an average of 7.42% in July. Memecoin analyst Murad corroborated this observation.
Murad pointed out that Bitcoin has seen minimum gains of 28% in early July for six consecutive years. This data suggests a potential for significant upward movement.
However, some analysts predict a tougher July than usual. They cite two main factors. First, sizeable Bitcoin sales from the German government. Second, the upcoming Mt. Gox repayments.
The Mt. Gox repayments are expected to return $8.5 billion in BTC to creditors. This process begins in early July. Some fear this could put pressure on Bitcoin's price.
Yet, not all analysts view the Mt. Gox situation as dire. Only $4 billion of the total amount may hit the spot BTC market. This could limit the potential negative impact.
Jonathan de Wet of ZeroCap shared his perspective with Cointelegraph. He expects Bitcoin to hold around its current level. However, he noted it could fall to a "key support" level of $57,000 as repayments begin.
Historically, November has been Bitcoin's strongest month. It has posted an average monthly gain of 46.81% since 2013.