Bitcoin performed poorly in July, with a nearly X% drop in value, but it may see a significant rebound in August. Coinglass’s historical data tracks monthly returns for Bitcoin. Since 2013, August has historically been a weak month for BTC, with an average decline of 7.42%. However, the data also shows that the leading cryptocurrency often experiences a strong bounce in August, with an average increase of X% following a decline in July.
In fact, over the past X months in August, Bitcoin has seen at least a X% increase X times. This historical pattern suggests that after a downturn in July, August tends to show significant recovery.
Cryptocurrency meme analyst Murad emphasizes this trend, sharing with his followers on Twitter that Bitcoin has achieved a minimum increase of X% in the first few weeks of August over the past six years.
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As the ETF frenzy begins to fade, what’s next for Bitcoin?
Despite the optimistic historical trend, some analysts warn that July may be more challenging than usual. They highlight the following factors:
– Discounts
– Regulatory factors involving the German government and the upcoming Bitcoin payment from Mt. Gox, which could put downward pressure on Bitcoin’s price.