The rebound in Bitcoin Price suggests strong performance in July, but Mt. Gox expects a price recovery in Bitcoin.
According to Analysts, there are strong chances of Bitcoin price recovery as it performed below the expectations of traders and fell about 7% in the previous month.
During the last month, the price of Bitcoin dropped by 6.96% and has historically averaged a decline of 0.35% in June, according to data collected from Coinglass, which tracks Bitcoin’s monthly returns.
Ali Martinez, a crypto analyst, posted on X that during the previous years, whenever June closed in a downtrend, it faced a strong recovery in the next month with an average gain of 7.42% historically. The average gain of Bitcoin is 8% for the past eleven years./
Source: CoinGlass
Murad, A memecoin analyst posted on X, noted that the rebound in Bitcoin price has begun. He stated that for the last 6 years, Bitcoin minimum gain is almost 28% in the first few weeks of July.
Some analysts foresee that July could face more challenges than usual, citing significant Bitcoin sales by the German government and impending Mt. Gox repayments, which can result in selling pressure on BTC.
Impact of Mt. Gox Bitcoin on Market Dynamics
The repayments by MT. Gox to the creditors worth $8.5 billion, which needs to be paid in BTC, will start in the first week of July.
Some analyst believes that these repayments will not have a major impact on the BTC price, as only $4 billion of this amount can affect the spot BTC market.
Jonathan de Wet, chief investment officer at ZeroCap said that Bitcoin is trading strong around $60K, and may drop to its key support level of $57K after Mt. Gox repayments hit the market.
Since 2013, November has remained the strongest month for Bitcoin, typically showing an average monthly gain of 46.81%.
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