Will Bitcoin hit its all-time high in July? "Most BTC holders buy aggressively during downtrends"

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▲ Bitcoin (BTC) ©Coin Leaders

Cryptocurrency leader Bitcoin (BTC) is trading around $62,000 on the 3rd (Korean time).

According to CoinMarketCap, as of 8:41 am on this day, the price of 1 Bitcoin was $62,009, down 1.30% from 24 hours ago.

This is 15.91% lower than the all-time high of $73,750.07 achieved on March 14th.

Bitcoin rebounded by about 2% in July, rising to a high of $63,777.23.

Cointelegraph said that based on historical data, Bitcoin could rebound strongly 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.

PlanB, a famous analyst who invented the Bitcoin price prediction model 'Stock to Flow (S2F) Model', predicted on his YouTube channel that day, "Bitcoin is still in a bull market. It will soon begin a rebound." did.

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. “This is a phenomenon, and the 5-month realized price is currently around $65,000, and BTC will rebound based on this.”

Geoffrey Kendrick, an analyst at British multinational bank Standard Chartered (SC), said in a recent report, "Bitcoin will hit an all-time high this August. It could then reach $100,000 by the US presidential election in November." predicted.

According to The Block, Kendrick said in a report, "If current U.S. President Joe Biden presses ahead with his candidacy for the Democratic presidential nomination, the odds of Republican candidate Donald Trump winning will increase, and this could act as a positive sign for Bitcoin. Conversely, Biden will be at the end of July. If he gives up his candidacy and is replaced by an influential candidate like Michelle Obama, the price of BTC could decline to $50,000 to $55,000, that is, if Biden pushes ahead with the primary. “A fantastic opportunity to buy BTC will arise. August 4th (local time) is the deadline for registering candidates for the U.S. presidential election,” he advised.

Meanwhile, according to the Bitcoin Magazine “We aggressively buy Bitcoin when the price falls,” he said.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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