What’s in Store for Bitcoin’s Price in July, Bullish or Bearish?
2022.06.29 17:40
What’s in Store for Bitcoin’s Price in July, Bullish or Bearish?
- June saw BTC’s price drop from $31,600 to as low as $17,744.
- July has proven to be a positive month for BTC historically.
- BTC could be going into July with its price below the 200 weekly moving average.
June has been a down month for the largest crypto by market cap, Bitcoin (BTC), as it started the month just above the $31,600 level and fell to as low as $17,744.
BTC’s price dropped from its monthly open to below the $30,000 level. It then remained at this level for almost a week. Its price then dropped further, breaching the $29,000 level. From here on, BTC’s price has been unable to recover as the flagship crypto continued to fall.
At one stage during the month, BTC dropped as low as $17,744 before recovering to the $21,000 level. It seems that BTC’s price has now consolidated around the $21k mark. Given this consolidation, investors are curious about what July has in store for the coin, especially given the historic performance of BTC during July.
In July of both 2020 and 2021, BTC’s price rose by approximately 24% and 18% respectively. Apart from a 6.81% drop in price in July 2019, July has proven to be an excellent month for BTC.
Some in the crypto community, such as the crypto trader, Crypto Tony, believe that July 2022 will be a volatile month for BTC. On the other hand, the co-founder of 100x, Arthur Hayes, forecasts that BTC’s price will dip in the early days of July given that July 4th is a public holiday in the United States and the banks will be closed.
One key indicator that will give investors a better idea of what BTC’s price will do in July is BTC’s position relative to the 200 weekly moving average (MA). It is expected that BTC will close below the 200 weekly MA by the end of the month, which will be the first time in its history.
