Bitcoin’s July Performance
• Bitcoin closed the month with a slight dip of about 3.5%, the second decline this year.
• Despite this, Bitcoin has seen a remarkable yearly increase of 77%.
• The future of Bitcoin appears mildly negative but largely stagnant with closely confined price movements over the past four weeks.
September as Historically Negative Month
September traditionally witnesses a downturn for Bitcoin, with the last six Septembers recording declines. This presents investors and traders with a complex scenario as they must both consider recent stability and prepare for another potential downturn in September.
Comparing Yearly Increase to Previous Years
In comparison to previous years, 2020’s performance is impressive given that 2019 saw no growth or decline in Bitcoin’s value and 2018 ended the year down 36%. Additionally, 2017 was an incredibly positive year for Bitcoin as it increased by close to 1500%.
Insights into Future Price Movements
In order to gain insight into future price movements, analysts have been examining historical data such as yield curve analysis and balances on top exchanges. Leverage trading has also been identified as potentially influencing Bitcoin’s price drop recently. Meanwhile Ethereum is edging its way into the global asset rankings by market cap, closing in on its 12th place position compared to Bitcoin’s 4th spot.
Overall, while July ends on a slightly negative note there are still many positive indicators when looking at recent performance such as the yearly increase of 77%. As we move into September investors should remain cautious and monitor any changes closely given the past downward trend during this period. Analyzing historical data can provide useful insights into future trends while paying attention to Ethereum’s increasing global presence may offer additional beneficial information regarding price movements in both cryptocurrencies