Bitcoin entered the month of June at just above $31,600 level. Soon after, BTC dropped to the $30,000 range to maintain that level for a week’s time. This leaves traders speculating on how Bitcoin July performance could turn out to be.
But what started as Bitcoin dropped from below $29,000 on June 11 never retraced as it fell sharply to reach a low of $17,744. Since then, the top coin continued to hover around the $21,000 range.
How Bitcoin Could Trade In July
According to historical data, the month of July acted as a catalyst for Bitcoin in the last two years with high growth over the month. BTC saw a growth of 18% and 24% in July 2021 and July 2020 respectively.
Crypto Tony, a crypto trader, predicted that July 2022 could be an action packed month in terms of volatility.
“July will be more of an action packed month for volatility due to the catalysts upcoming.”
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Barring a drop of 6.81% in July 2019, the last few years have been great for Bitcoin in this month. In July of 2017 and 2018, Bitcoin grew by an impressive 16.23% and 20.79% respectively.
Bitcoin July To Start With A Dump?
According to Arthur Hayes, co-founder of 100x, there could be a drop in Bitcoin prices early in the month. As July 4 is a Monday and a banking holiday, it could be dump situation for BTC, he predicted.
“By June 30, the Fed will have enacted a 75bps rate hike and begun shrinking its balance sheet. July 4 falls on a Monday, and is a federal and banking holiday. This is the perfect setup for yet another mega crypto dump.”
Meanwhile, the end of June could also mean Bitcoin will for the first time ever close below the 200 weekly moving average (WMA). The current pattern already made a record by closing the week below the 200 WMA for the third consecutive time.
As of writing, Bitcoin is trading at $21,091, down 1.75% in the last 24 hours, according to CoinMarketCap.
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