The potential for Bitcoin to recover by July 2024 has been echoed by a number of analysts, based on the crypto giant's historical performance data over the past few years. Meanwhile, developers BlockDAG describe how it will be in the future mainnet their blockchain will be launched.
Bitcoin Potential to Recover, Analyst: Average Rise of 7.98 Percent in July Historically
The first analysis regarding Bitcoin's potential recovery comes from Ali Martinez. According to him, if throughout June it closed with a downward trend, in July it usually experiences a significant recovery, with Bitcoin usually increasing by an average of 7.98 percent.
“Historically, when Bitcoin experiences a negative trend during June, it tends to bounce back strongly in July. In fact, BTC has shown an average return by 7.98 percent and median return amounted to 9.60 percent during July,” Ali wrote in X with an image of statistical data.
By using references median return of 9.60 percent, the BTC price has the potential to move from the current US$62,561 to US$68,563.
Likewise, in the context of Bitcoin's potential recovery, other analysts Muradnoting that BTC has consistently shown rebounding which was strong in early July, for the sixth year in a row, a minimum of 28 percent in the first few weeks of the month. This historical trend shows that July is promising for Bitcoin investors.
A similar thing was conveyed by QCP Capital on Monday, that trader Bitcoin has historically experienced median return by 9.6 percent in July, after being corrected by 9.85 percent during June.
“Historically Bitcoin has median return by 9.6 percent in July and is likely to bounce back strongly especially after a negative June, where it fell -9.85 percent, with many signs pointing to a positive July. bullish,” wrote QCP Capital on X.
This statement of Bitcoin's potential recovery means that, historically, Bitcoin (BTC) tends to perform well in July. This pattern is observed when looking at seasonality, which refers to recurring trends or patterns that occur at certain times of the year.
Analyzing Bitcoin's historical patterns does help investors and trader make better decisions. If Bitcoin typically recovers strongly in July after a negative June, investors may see this as an opportunity to buy Bitcoin at a lower price in June, anticipating rebounding.
However, it is important to remember that past performance does not always guarantee future results. Various factors, including market conditions, global economic events, and investor sentiment, can impact Bitcoin's performance. Therefore, although historically it can provide useful insight, it should be considered in conjunction with other analysis methods and market indicators.
Latest BTC Analysis
As of Monday evening, the price of BTC was perched at US$62,647, rose 1.87 percent in the last 24 hours, peaking at US$63,700. Over the last 30 days the Bitcoin market has indeed corrected up to 7 percent with a peak of US$71,600 in the first week of June 2024.
On time frame Daily, BTC is currently still below the EMA50 (US$65,056) and is almost below the EMA200 (US$58,231) on June 24, 2024 at around US$58,508. The MACD indicator is currently giving a signal that a bullish trend line will form. bullish crossover in a few days. BTC also needs to surpass $66,590 first to test the $71,960 resistance, according to the indicator Swing High Low Support & Resistance.
Description Mainnet BlockDAG Blockchain
Analyst statements regarding Bitcoin's potential recovery, along with notes from developers BlockDAG about blockchain mainnet they.
Reported from their official website, testnet scheduled to launch between August 16 2024 and September 5 2024. Meanwhile mainnet on September 20-26, 2024. Mainnet is the final and real blockchain network, where BDAG crypto can be transacted.
In previous notean intermediate Devnet stage before entering the stage testnet aka test blockchain. In this phase, all BDAG mined on Devnet will be transferred to wallet users through the program airdrop. Users can track their transactions and balance via blockchain explorer. The final stage is mainnetBDAG crypto becomes tradable on crypto exchange and can be traced through blockchain explorer.
The BlockDAG blockchain uses a consensus mechanism Proof of Work And Directed Acyclic Graph (DAG). This last consensus is popularly used in Kaspa. BlockDAG is predicted to reach 10-100 blocks transactions per second. Similar to other blockchains, BlockDAG provides features smart contract to create tokens and various applications and in the future can be integrated with other blockchains thanks to the implementation of EVM and Metamask.
Currently BlockDAG is still in the development stage presale. Until the 19th batch, it is claimed to have collected up to US$54.5 million. [ps]
