Bitcoin Price Prediction: Experts Forecast Rebound in July
Ali Martinez, a crypto market analyst, foresees a resurgence in the price of Bitcoin (
BTC
) in July after a bearish month. According to Martinez’s latest post, the average price of Bitcoin is expected to rebound by 7.98% after a negative June. Data indicates that the price of BTC has dropped by 9.25% over the last 30 days. During this period, Bitcoin reached a high of $71,907 and a low of $58,554.
Furthermore, Martinez’s data reveals that the highest average price increase for Bitcoin, at 46.81%, occurred in November. In the past 24 hours, Bitcoin has seen a slight bullish trend, with a 0.94% increase in price. At the time of writing, the leading cryptocurrency is trading at $61,450, and its market cap has exceeded $1.2 trillion, with a daily trading volume of $13.1 billion.
Due to the decrease in trading volume, it is anticipated that Bitcoin will experience lower price volatility and liquidations. On the other hand, billionaire entrepreneur and Bitcoin advocate Peter Thiel believes that the BTC price may not experience a significant rally, despite still holding a portion of Bitcoin. Last year, Thiel’s Founders Fund invested approximately $200 million in Bitcoin when the asset was priced at around $30,000.
The downward momentum of Bitcoin began on June 10 when the spot BTC exchange-traded funds (ETFs) in the U.S. reported net outflows for the first time in a month. Last week, these ETFs saw net inflows of $137.2 million in their last four trading days, pushing the total ETF net flows past the $14.5 billion mark. In conclusion, Bitcoin seems unaffected by its absence from the Trump v Biden debate.
