History suggests Bitcoin(BTC) poised for rebound in July

Bitcoin typically performs well in July, but Mt. Gox is lowering expectations for a recovery. Bitcoin may enjoy a major return in July after a lackluster showing in June when it fell about 7%.

Bitcoin $63,304 fell as much as 6.96% last month and has historically averaged a 0.35% decline in June, according to Coinglass statistics, which records Bitcoin’s monthly returns since 2013. According to prior years’ data, whenever June finished in a decline, the following month saw a blazing recovery, with Bitcoin gaining an average of 7.42%.

Overall, BTC has produced monthly gains of at least 8% in seven of the last eleven July trading periods. Murad, a Memecoin analyst, also mentioned this in a post to their 103,000 X followers, citing the quick historical rebounds that began in July. Murad added that Bitcoin had averaged 28% gains in the first couple weeks of July over the previous six years. However, numerous analysts expect that July will be a rougher month than normal, citing significant Bitcoin sales by the German government and upcoming Mt. Gox repayments, which may put pressure on the price of Bitcoin.

Mt. Gox Bitcoin adds new pressure

These repayments are scheduled to return approximately $8.5 billion in BTC to creditors beginning in the first week of this month. However, other analysts believe the impact of these repayments will be less severe than many investors anticipate, with only $4 billion of this amount expected to hit the spot BTC market. Last week, Jonathan de Wet, chief investment officer at digital asset trading firm ZeroCap, told Cointelegraph that Bitcoin was trading strongly in the low to mid $60,000 range despite headwinds. He anticipates the asset to remain around this level, but cautioned that it might fall below its “key support” level of roughly $57,000 in the coming weeks when Mt. Gox creditor obligations hit the market. 

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