As everyone can see, Bitcoin is experiencing a continuous decline, dropping 7% just in June .Apparently, holders are not happy with this score. However, when looking at the funding data for the June, we can see that even in times of such dramatic declines, $790 million flowed into the Bitcoin ETF. and on the 1st day of July, there was a net inflow of $129 million into the Bitcoin ETF. some experts are predicting a strong rebound of Bitcoin price in July, with the average return was 9.6%.
Will July be a lucky month for Bitcoin? Historical data shows that July is usually a strong month for bitcoin. QCP Capital said, “Bitcoin’s median return for July was 9.6%, especially after a weak June, and July returns tend to be higher.”
QCP Capital emphasizes that many signs point to a strong rebound in July 2024. A look at history will also show that over the past 10 years, Bitcoin is up more than 11% on average in July. In particular, from 2019 to 2022, the return on investment (ROI) of Bitcoin were 27%, 20% and 24% respectively in July . This shows the seasonal changes that characterizes Bitcoin.
The same seasonal change applies to the stock market. For example, stocks associated with risky assets such as Bitcoin also tend to perform strongly in July. Royal Bank of Canada Capital Markets ,one of the Global investment bank ,is predicting a rise in the U.S. stock market in July. According to CNBC, Royal Bank of Canada raised its forecast for the S&P 500 this year from 5,300 to 5,700.
Let’s return to the present mining data. The main equipment that dominate in terms of volume are still the more energy-efficient bitcoin miners, and the recent repeated drop in coin prices has caused many machines to start shutting down gradually, and the hash rate has dropped to the level before December 2022 . Once the coin price falls below and miners quit in large numbers, the game of bitcoin is clearly difficult to maintain, and bitcoin bankers do not want to see this end and will not let it happen. In the same backgrounds, miners are also not willing to sell after experiencing a massive sell-off of bitcoin during periods of currency price volatility, and market liquidity has dropped significantly. A range of indicators are also hinting that the coin may have bottomed out.
So, will July really be a lucky month for Bitcoin? If you too think that Bitcoin is about to come out of the gloom, don’t forget that mining is pretty much the only way to buy bitcoin at a low price, feel free to ask us about the various models of BTC ASICs, ANTMINER S21 PRO and other S21 series, WHATSMINER M50, etc. are available for sale/pre-sale.
Finally, SC MINER would like to remind everyone that all investments carry risks, so decisions should be made cautiously.
SC MINER is the world’s most renowned international mining equipment trader and a core agent for manufacturers such as Bitmain and Goldshell, with the advantage of priority sales. SC MINER’s sales team has been serving miners in dozens of countries globally since 2017, with ample experience and outstanding integrity to maximize your value!
