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Starting in July, predictions of a Bitcoin bull market are continuing.
Looking at past data, Bitcoin was strong in July.
According to Coinglass, which has been tracking Bitcoin's monthly rise since 2013, if Bitcoin fell in June, it rose by an average of 7.42% in July.
Last June, the price of Bitcoin fell by about 7%.
Key technical indicators also point to Bitcoin’s strength.
PlanB, a famous analyst who designed the Bitcoin price prediction model 'Stock to Flow (S2F) Model', said on his YouTube channel on the 2nd (local time), "Bitcoin is still in a bull market. A rebound is expected soon. “It will start,” he predicted.
He continued, "The 5-month realized price (average on-chain acquisition price) has always served as a support line in a bull market. Therefore, it is not common for the BTC price to fall below the 5-month realized price. So it is interesting that BTC is currently below that line. “It is a phenomenon, and the current 5-month realized price is around $65,000, and I think BTC will rebound based on this.”
Cryptocurrency analyst and CryptoQuant contributor ‘Onchain Edge’ said, “A wyckoff pattern is observed on the Coinbase BTC/USD daily chart. According to the pattern, BTC is currently in the re-accumulation stage. “An upward breakthrough may occur in the next step,” he analyzed.
According to Cointelegraph, the Wyckoff pattern is used as a tool to predict asset trend reversals and is divided into accumulation patterns (reversals to declines) and distribution patterns (reversals to rises). Each pattern consists of a total of five stages from A to E, and is divided into four market cycles.
He explained, “The decline in Bitcoin holdings on major cryptocurrency exchanges suggests that BTC is being withdrawn from exchanges and investors are accumulating. This is consistent with the accumulation phase of the Wyckoff pattern.”
Rekt Capital, an anonymous cryptocurrency trader, also posted “The upward trend may resume,” he said.
There is another bull market indicator.
CryptoPotato cited Bitfinex's weekly analysis report, 'Bitfinex Alpha', saying, "Recently, the volume of BTC transferred externally from the wallets of major Bitcoin miners has decreased significantly, suggesting a potential easing of miner-driven selling. This phenomenon. “This could have a positive effect on the Bitcoin price, and the upward trend could resume soon.”
The report said, "Since the advent of the fourth Bitcoin halving in April, miners' 'mining rewards' have been cut in half. As operating costs rise and the profitability of some older mining machines worsens, miners have no choice but to cash out their BTC holdings. However, the recent decline in the number of miner sales suggests a positive trend shift, increasing the possibility of a resumption of the upward rally when the market fully absorbs the miner sell-off volume. “As prices have fallen to that level, it is reasonable to conclude that the selling pressure on miners has passed its peak, and inefficient miners have already surrendered,” he explained.
Meanwhile, Santiment, a cryptocurrency market data platform, predicted through did.
In relation to this, Santiment explained, “In an ideal environment, the purchasing power (dry powder, uninvested funds) of large holders of USDT and USDC will open the way for the next cryptocurrency bull market.”
