Bitcoin Poised for July Rebound, But Mt. Gox Payments Could Derail Hopes
Cointelegraph1 year ago
1110

Bitcoin Poised for July Rebound, But Mt. Gox Payments Could Derail Hopes

Bitcoin
Crypto
MtGox
Repayments
Price
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Summary:

  • Bitcoin has historically performed strongly in July, with an average gain of 7.42% following downtrends in June.

  • This year, however, the impact of Mt. Gox repayments and potential sales from the German government might pose challenges.

  • Analysts anticipate a potential rebound in July, but acknowledge the potential downward pressure from the $8.5 billion in Bitcoin repayments to Mt. Gox creditors, starting this month.

  • While only $4 billion is expected to hit the spot Bitcoin market, analysts like Jonathan de Wet of ZeroCap warn that the price could dip to $57,000 as a result.

  • Despite these headwinds, Bitcoin has been trading strongly in the $60,000 range, with historical best monthly performance typically occurring in November, averaging a 46.81% gain since 2013.

Bitcoin has historically shown strong performance in July, with an average gain of 7.42% following downtrends in June. This year, however, the impact of Mt. Gox repayments and potential sales from the German government might pose challenges. While analysts anticipate a potential rebound in July, they acknowledge the potential downward pressure from the $8.5 billion in Bitcoin repayments to Mt. Gox creditors, starting this month. While only $4 billion is expected to hit the spot Bitcoin market, analysts like Jonathan de Wet of ZeroCap warn that the price could dip to $57,000 as a result. Despite these headwinds, Bitcoin has been trading strongly in the $60,000 range, with historical best monthly performance typically occurring in November, averaging a 46.81% gain since 2013.

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