Bitcoin began the month of June slightly beyond the $31,600 mark. However, shortly after, BTC plummeted below the $30,000 mark, where it remained there for almost a week. As a result, traders are predicting how Bitcoin will trend in July.
The loss beneath $29,000 on June 11 never recovered because Bitcoin fell steeply to a low of $17,744. Since then, the flagship currency has remained in the $21,000 area.
As per past statistics, the July month has played a significant part for King currency in the past couple of years, with considerable monthly increases. For example, in July 2021 and July 2020, BTC increased by 18% and 24%, accordingly.
Crypto Tony, a cryptocurrency investor, forecasted that July 2022 would be a volatile month for Bitcoin.
Apart from a 6.81% decrease in July 2019, the past several years have been excellent for Bitcoin.
Bitcoin Price To Be Bearish in July?
As per Arthur Hayes, co-founder of 100x, the Bitcoin price may see a downfall in the early days of July. He anticipated that because July 4 is a Monday and a holiday for banks, BTC might be in decline.
On the contrary, by the end of June, it is expected that Bitcoin will close below the 200 weekly moving average (WMA) for the first time in history.
The present pattern has already broken a benchmark by completing the week below the 200 WMA for the third time in a row.
As per CoinMarketCap, Bitcoin is currently selling at $20,977, with a plunge of 1.21% in the previous 24 hours.
