Bitcoin bulls may gain an advantage over bears in the coming weeks as July has historically been a strong month for bullish Bitcoin price action. Analysts shared an upside move in their Bitcoin price prediction to claim a new all-time high despite failing to even move past $110K for over a month.
Matrixport revealed that July has historically favored Bitcoin despite the price often consolidating during the summer. An upside move in Bitcoin is important to confirm bullishness as evident from Bitcoin ETF inflow and rising corporate Bitcoin holdings.
Over the past 10 years, Bitcoin price has rallied in seven out of ten times in July. The asset has recorded on average 9.1% gains. In fact, the three down years saw only modest, single digit declines, while five years recorded double-digit gains.
Matrixport predicts Bitcoin price to move higher and reach $116,000 in the coming weeks due to clear risk/reward skew to the upside.
At the time of writing, Bitcoin price was trading at over 1% down at $106,800. But trading volume increased slightly in the lat 24 hours.
In the derivatives market, BTC open interest has dropped 1.68% in the last 24 hours as volume dried. Options volume are high but traders are likely betting long for September in line with the Fed rate cuts, as per Coinglass data.
Analysts including Michael van de Poppe in a post on X on July 1 said “These dips are the buy the dip ones.” He thinks Bitcoin price is consolidating for the next breakout upwards.
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