What will Bitcoin do in July 2024?

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Last Updated on 2 July 2024 by CryptoTips.eu

Bitcoin briefly climbed above $63,000 yesterday and with that move, it seemed to escape a fall below the $60,000 level. The trading weeks ahead are full of geopolitical events (to which we need to pay attention) and we also need to compare what the largest digital currency does historically in the month of July.

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Comeback

Coinglass keeps track of Bitcoin’s historical trading data, so you can easily check what Bitcoin did historically in each month to discover a pattern.

That historical data shows that in recent years, whenever Bitcoin ended the month of June in a downtrend, we saw a nice comeback the following month with Bitcoin going up about 7.5% on average in July.

This was the case in the years 2020, 2021 and 2022. In 2023, Bitcoin went higher in the month of June, before falling in July.

So in terms of historical data, things look rather good as Bitcoin noted a slight fall in June of 2024.

Geopolitics

Due to the influx of Wall Street money this year, via the many Bitcoin ETFs that were launched in January, the price of the largest digital currency also depends on what happens economically in the largest economies. In the coming weeks there is quite a bit on the agenda.

Firstly, there are elections in the UK on Thursday and the second round of elections in France next Sunday. In between those two, we will hear on Friday whether the American economy is finally cooling down when their latest job figures are published.

We are also at the start of the summer season in Europe, which normally causes higher inflation as hoteliers and small business charge higher prices during this period.

All these events can strongly influence the prices of the various major fiat currencies such as the dollar, the euro and the pound. Bitcoin investors have to take this into account as the prices of these fiat currencies will influence the prices of cryptocoins as well in their respective countries.

Summary

Things are looking historically good for Bitcoin in July, but beware of any geopolitical surprises.