Several
market
analysts
expect
Bitcoin to
rebound
strongly
in
July
after
declining
by
around
7%
in
June.
Last
month,
BTC
faced
heavy
selling
pressure
from
capitulating
Bitcoin
miners,
who
offloaded
around
$2
billion
worth
of
their
holdings
due
to
falling
revenue.
The
consistent
selling
activities
of
governments,
including
those
of
the
United
States
and
Germany,
created
additional
selling
pressure.
However,
some
market
observers
believe
BTC
will
recover
from
the
June
lows
and
record
a
strong
July
performance.
Bullish
July
QCP,
a
Singapore-based
crypto
trading
firm,
said
available
indicators
predict
that
BTC
would
have
a
“bullish
July.”
According
to
the
firm,
historical
data
shows
that
Bitcoin
has
a
median
return
of
9.6%
in
July
and
tends
to
bounce
back
strongly,
especially
after
a
negative
June.
QCP
expects
this
trend
to
continue,
noting
that
Bitcoin
exchange-traded
funds
(ETFs)
are
recording
inflows
again.
The
company
pointed
out
that
the
ETFs
recorded
their
highest
daily
inflow
in
two
weeks,
with
$73
million
worth
of
funds
flowing
into
the
financial
instruments
on
June
28.
This
substantial
inflow,
alongside
the
fact
that
the
firm’s
options
desk
reported
flows,
indicated
market
preparation
for
an
upward
move.
It
stated:
“Our
options
desk
also
saw
flows
positioning
for
an
upside
move
last
Friday
into
the
month-end,
possibly
in
anticipation
of
the
ETH
spot
ETF
launch.
Many
signs
point
to
a
bullish
July.”
Moreover,
crypto
trader
Rekt
Capital
corroborated
QCP’s
bullish
prediction.
According
to
the
analyst,
Bitcoin
is
doing
everything
right
to
form
a
cluster
of
price
actions
that
could
develop
over
July.
He
added:
“But
ultimately,
it
exists
to
prepare
Bitcoin
for
a
rally
back
to
the
Range
High
at
$71,500”
Political
influence
Meanwhile,
crypto
research
firm
10x
Research
noted
that
these
predictions
could
be
impacted
by
US
politics.
The
firm
stated:
“Bitcoin
has
rallied
+4%
as
US
President
Biden
refuses
to
let
other
Democratic
candidates
run
against
former
President
Trump.”
However,
it
wondered
whether
this
trend
will
be
sustainable
in
the
long
term.
Last
week,
former
President
Donald
Trump
faced
off
against
President
Joe
Biden
in
a
debate
that
triggered
concerns
over
the
current
president’s
ability
to
lead
the
lines
for
the
forthcoming
November
elections.
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Author: Oluwapelumi Adejumo
