Cryptocurrency market analyst Ali Martinez expects the price of Bitcoin (BTC) to rebound in July after a month of bearish momentum.
According to MartinezX’s post on Sunday, Bitcoin’s price recorded an average price recovery of 7.98% in July after a “negative June.” The data shows that Bitcoin’s price has fallen by 9.25% over the past 30 days.
Bitcoin recorded a 30-day high of $71,907 and low of $58,554 in the mentioned time frame.
Furthermore, data provided by Martinez shows that the largest average price return of Bitcoin, 46.81%, occurred in November.
Bitcoin has gained slight upward momentum over the past 24 hours, rising by 0.94%. The leading cryptocurrency is currently trading at $61,450 at the time of writing. Bitcoin’s market cap once again crossed the $1.2 trillion mark with a daily trading volume of $13.1 billion.
Due to lower trading volume, lower price volatility and liquidation of Bitcoin are expected.
On the other hand, billionaire businessman and Bitcoin supporter Peter Thiel believes that the price of Bitcoin may not see a significant rise. Thiel’s comments come while he still holds a portion of Bitcoin.
Last year, Thiel’s Founders Fund invested about $200 million in Bitcoin when the asset’s price was hovering around $30,000.
Bitcoin’s downward momentum began on June 10 when U.S. Bitcoin exchange-traded funds (ETFs) recorded their first set of net outflows in a single month.
Last week, Bitcoin exchange-traded funds (ETFs) saw net inflows of $137.2 million in their last four trading days, pushing total net inflows to ETFs past the $14.5 billion mark.