Bitcoin's Average July Return Means 'Something Big is Brewing,' Traders Think

Bitcoin's BTC/USD good historical record in the month of July return prompted traders to predict a reversal from the previous month’s 7.3% drop.

What Happened: Prominent analyst Michaёl van de Poppe, in his latest tweet, expects a slow grind up in July, saying, "It seems very likely that we'll be looking at the $61,000-61,500 area."

Crypto investor Quinten Francois sees a bullish technical pattern completed and expects $64,000 to be broken imminently.

Crypto trader Jelle agrees with a bullish pattern playing out.

4 months of preparation.
4 months of building pressure for the next leg higher.
4 months of shaking out the weak and inpatient.

Something big is brewing. Get ready.#Bitcoin pic.twitter.com/arjNtGKPEc

— Jelle (@CryptoJelleNL) July 2, 2024

Also Read: What Do Traders Expect From Bitcoin In Q3?

Why It Matters: Futures trader Satoshi Flipper analyzed Bitcoin’s return over the past 13 years:

• Average return: 1,322.78%
• Median return: 133.8%
• 2021 return: 276.2%
• 2017 return: 323%
• 2018 return 194%

Bitcoin hodler Carl B. MENGER highlighted highlighted Bitcoin’s performance against the backdrop of harsh criticism, saying, “of course, they hate it and this should make you even more bullish."

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Image: Shutterstock

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