Despite a recent downturn, the **Bitcoin** market is showing signs of resilience. While **Bitcoin**, **Ethereum**, and **Dogecoin** experienced price declines, a trader remains optimistic, predicting a **'decent year-end run'** beginning in late Q3.  Several factors suggest a positive outlook:

* **Bitcoin miners' selling pressure is easing**, with a significant decrease in withdrawals from miner-affiliated wallets.
* **Bolivia legalized Bitcoin**, lifting a decade-long ban and allowing financial institutions to officially use it.
* **IntoTheBlock data indicates a surge in large transaction volume**, suggesting increased investor activity.
* **Technical chart analysis** predicts **Bitcoin** will reach $62,000 to grab a $43 million liquidity wall.

While the recent dip might be a **normal correction**, analysts believe **Bitcoin** remains in a **bull market**.

Cryptocurrency markets are trading down, even though U.S. inflation reading <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">remaining unchanged in May</a>.
<figure class="wp-block-table"> 
<table>
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price</td>
<td>Gains +/-</td>
</tr>
<tr>
<td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td>
<td>$60,719.49</td>
<td>-1.7%</td>
</tr>
<tr>
<td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td>
<td>$3,378.62</td>
<td>-2%</td>
</tr>
<tr>
<td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td>
<td>$141.47</td>
<td>-4.8%</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.1237</td>
<td>-0.8%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001704</td>
<td>-2.8%</td>
</tr>
</tbody>
</table>
</figure>
Notable Statistics:
<ul>
<li>IntoTheBlock data shows a 74% surge in large transaction volume as daily active addresses increased by 13.8%. Exchanges netflows spiked 704.6%.</li>
<li>Coinglass data noted 35,808 traders liquidated for $112 million in the past 24 hours.</li>
<li>Bitcoin miners&#039; <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39546332/bitcoin-miners-may-be-done-selling-heres-what-that-means">selling pressure is easing</a>, as Bitcoin withdrawals from miner-affiliated wallets <a href="https://x.com/CarlBMenger/status/1806653385669480457">decreased by 85%</a> since the halving in April.</li>
<li>Bolivia <a href="https://x.com/SimplyBitcoinTV/status/1806681822903845368">legalized Bitcoin</a>, lifting a decade-long banm and cryptocurrency payments enabling financial institutions to officially use them.</li>
</ul>
Notable Developments:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39552185/bitcoin-powered-core-blockchain-launches-exchange-traded-product-in-sweden">Bitcoin-Powered Core Blockchain Launches Exchange-Traded Product In Sweden</a></li>
<li><a ...</li></ul><a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39556823/bitcoin-ethereum-dogecoin-reverse-positive-price-trend-but-trader-expects-decent-year-end- alt=Bitcoin, Ethereum, Dogecoin Reverse Positive Price Trend, But Trader Expects &#039;Decent Year-End Run, Starting Late Q3&#039;>Full story available on Benzinga.com</a>

Loading...Loading...Cryptocurrency markets are trading down, even though U.S. inflation reading remaining unchanged in May.CryptocurrencyPriceGains +/-Bitcoin BTC/USD$60,719.49-1.7%Ethereum ETH/USD$3,378.62-2%Solana SOL/USD$141.47-4.8%Dogecoin DOGE/USD$0.1237-0.8%Shiba Inu SHIB/USD$0.00001704-2.8%Notable Statistics:IntoTheBlock data shows a 74% surge in large transaction volume as daily active addresses increased by 13.8%. Exchanges netflows spiked 704.6%. Coinglass data noted 35,808 traders liquidated for $112 million in the past 24 hours. Bitcoin miners' selling pressure is easing, as Bitcoin withdrawals from miner-affiliated wallets decreased by 85% since the halving in April. Bolivia legalized Bitcoin, lifting a decade-long banm and cryptocurrency payments enabling financial institutions to officially use them.Notable Developments:Bitcoin-Powered Core Blockchain Launches Exchange-Traded Product In Sweden Trump’s New Stance? Vows To Revamp Biden’s ‘War On Crypto’ Bitcoin’s Post-Halving Dip May Be Almost Over—Exponential Gains Could Be Next, Says Trader Satoshi-Era Bitcoin Miner Sees Astounding 1231780x Return, Holding From $0.05 To $61K Kraken Co-Founder Jesse Powell Endorses ‘Only Pro-Crypto Major Party Candidate’ Donald Trump, Donates $1M In EthereumTop Losers:CryptocurrencyPriceGains +/–Lido DAO LDO/USD$2.01-15.9%Ethena ENA/USD$0.519-8.3%Dogwifhat WIF/USD$1.94-7.4%Trader Notes: Stockmoney Lizards reiterated that Bitcoin is going through a normal correction and repeating macro patterns show it is still in a bull market. Another crypto trader, Titan of Crypto, noted Bitcoin is still cheap and based on the new Bitcoin rainbow 2023 chart it is still not too late to buy Bitcoin.Technical chart analyst Ali Martinez predicted that Bitcoin will go back to $62,000 to grab a $43 million liquidity wall. What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19. Read Next: Mt. Gox Bitcoin Distributions Won’t Be That Bad And Ethereum ETF Could Surprise: Galaxy ResearchImage: ShutterstockMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bitcoin, Ethereum, Dogecoin Reverse Positive Price Trend, But Trader Expects 'Decent Year-End Run, Starting Late Q3'

Bitcoin Market Takes a Dip, But Trader Predicts Strong Year-End Run

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.

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvNjc3YjU4MzAtZTc4MS00ODMxLWE0ZTItZGQ0OTBlNzM2OTdhLmpwZw==.jpg">Bitcoin tends toward strong performance in July, but Mt. Gox is weighing on hopes of a rebound.

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

**Solana** (SOL) has seen a significant rise in price, gaining over 16% in the past week. This surge is attributed to the recent applications for **spot ETFs** tracking Solana's price in the US. **VanEck** and **21Shares** have filed applications with the SEC, following the success of **Bitcoin** (BTC) and **Ethereum** (ETH) spot ETFs. Solana's trading volume has also jumped 50%, making it the third most traded cryptocurrency, excluding stablecoins. The potential for **Solana spot ETFs** in the US market is driving this bullish momentum.

Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin&#039;s spot price in the U.S.
What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).&nbsp;
Solana&#039;s trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> ...</a><a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39567061/solana-soars-16-over-7-days-outpacing-bitcoin-and-ethereum-over-etf-application-momentum-m alt=Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More Applications To Follow?>Full story available on Benzinga.com</a>

Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More  Applications To Follow?

Solana Surges 16% on ETF Application Momentum

While Bitcoin's price has dipped below $60,000, it is showing signs of a potential recovery. **Bitcoin bulls are currently trying to push the price above $62,500, which could trigger a breakout and lead to a potential rally to $70,000.** However, if the price falls below $60,000, it could plummet to $56,552. 

Meanwhile, several altcoins have also experienced weakness, but some, like TON, AVAX, KAS, and XMR, are showing signs of strength and potential for upward movement.

**Toncoin (TON)** is currently trying to stay above $7.67. If it manages to break through this resistance level, it could rise to $8.29 and potentially reach $10. However, a sharp decline below $6.60 could lead to a bearish head-and-shoulders pattern, resulting in a drop to $4.91.

**Avalanche (AVAX)** is attempting to break through the $29 overhead resistance level. A successful breakout could push the price to the 50-day SMA at $32.78. However, if the price falls from the current level, it could retest the June 24 low of $23.51.

**Kaspa (KAS)** has recently closed above the $0.19 resistance level, completing a cup-and-handle pattern. If it can maintain its position above this level, it could climb to $0.24 and reach the pattern target of $0.28. However, a sharp decline below $0.19 could indicate a bull trap and pull the price down to the 20-day EMA at $0.16.

**Monero (XMR)** is trying to rebound from the 20-day EMA at $165. If it manages to break above $172, it could rally to the $180 resistance and potentially reach $190. However, a break below the 20-day EMA could signal a continuation of the bear market and drop the price to the 50-day SMA at $155.

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvMzcyNDY5MWYtOWUyNy00ZTViLWEwYTktZmE1MDc4ZmRiYmMxLmpwZw==.jpg">Bitcoin’s recent weakness has pulled several altcoins lower, but TON, AVAX, KAS and XMR look set to move higher.

Bitcoin Price Recovery Could Spark Breakout in TON, AVAX, KAS, and XMR

The price of **Bitcoin (BTC)** has been volatile in June, with several attempts at recovery failing. However, historical trends suggest that **BTC** may see a rebound in July. According to **Cryptorank**, June will mark the second month this year with a negative closing price for **Bitcoin**. While January closed slightly down, February and March saw significant gains, with **BTC** reaching its **All-Time High (ATH)** of $73,750.07 in March following the launch of the spot Bitcoin ETF. The bullish streak ended in April, but **Bitcoin** rebounded in May. Despite the recent drop in June, historical data shows that **BTC** often bounces back strongly in July, with an average return of 7.98% and a median return of 9.60% during this month.  **Market experts** remain optimistic about **Bitcoin's** future trajectory, citing **spot BTC ETFs** as a key growth catalyst. While these ETFs have seen some outflows this month, they are expected to attract **intensive inflow** in the coming months, potentially driving **Bitcoin** back to its **previous ATH**. **Bitcoin's** historical performance in July and the potential for **spot BTC ETFs** to boost demand provide reason for optimism among **market experts**. 

The price of Bitcoin (BTC) rejected many attempts at recovery this month in alignment with its historical trends. The price of Bitcoin at the time of writing has showcased two distinct price performances today. From a low of $60,630.05 in the past 24 hours, the coin has rallied to $61,605.23, making a growth rate of <a class="mh-excerpt-more" href="https://coingape.com/bitcoin-btc-will-the-history-repeat-for-itself-in-july/" title="Bitcoin (BTC): Will The History Repeat Itself In July?"></a>
The post <a href="https://coingape.com/bitcoin-btc-will-the-history-repeat-for-itself-in-july/">Bitcoin (BTC): Will The History Repeat Itself In July?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Price History: Will July See a Rebound?

Crypto analyst **Rekt Capital** warns of a potential correction in **Bitcoin**, predicting a drop to **$55,000**. While he acknowledges the possibility of a deeper correction, he believes it is unlikely at this point in the cycle.  He suggests that Bitcoin may have already hit a local bottom or is experiencing a shallower pullback. This prediction contrasts with other analysts who foresee a significant surge in Bitcoin in the fourth quarter of the election year.

**Rekt Capital** previously accurately predicted Bitcoin's pre-halving pullback. He suggests that a correction to **$55,000** would represent a **23.8% drop**.  He believes that a correction of this magnitude would be unlikely so soon after the recent deep correction that occurred in late April and early May.  

The crypto market remains highly volatile and unpredictable, with analysts offering contrasting views on Bitcoin's future.

Rekt Capital, a well-known crypto strategist, has issued a warning about a potential further correction for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39562507/peter-schiff-says-things-will-likely-get-much-worse-from-here-for-bitcoin-investors">suggesting a possible drop</a> to $55,000.
What Happened: The analyst, who has previously accurately predicted Bitcoin&#8217;s pre-halving pullback, recently stated that the cryptocurrency could correct to much lower levels.
In a YouTube <a href="https://www.youtube.com/watch?v=SMgaKRZtCXg">video</a> over the weekend, Rekt Capital speculated, &#8220;What if we were going see a deepest correction in the cycle, or at least equal to the deepest correction in the cycle of 23.8%? That would see us go to $55,000.&#8221;
However, he also suggested that a deeper drawdown is unlikely at this point in the cycle, and that Bitcoin has either already hit a local bottom ...<a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39565057/bitcoin-may-face-another-correction-dropping-to-55-000-predicts-crypto-analyst alt=Bitcoin May Face Another Correction, Dropping To $55,000, Predicts Crypto Analyst>Full story available on Benzinga.com</a>

Bitcoin May Face Another Correction, Dropping To $55,000, Predicts Crypto Analyst

Crypto Analyst Predicts Bitcoin Correction to $55,000

A unified regulatory framework inspired by Europe’s Markets in Crypto-Assets Regulation (**MiCA**) for the Economic Community of West African States (**ECOWAS**) could attract more crypto investors and offer much-needed clarity. Obinna Uzoije, a Nigerian data and policy analyst, believes that **ECOWAS** can learn from Europe’s **MiCA** and build a framework that prioritizes local interests and protects national currencies. He highlights the advantages of adopting **MiCA’s Stablecoin Regime**, which comes into effect on June 30th, as stablecoins are a prevalent type of crypto asset, especially in Africa. Uzoije suggests that **ECOWAS-specific rules** could simplify investment across member states, reducing the need for compliance with multiple national regulations. By establishing a unified regulatory framework, **ECOWAS** could address regulatory uncertainty, fight money laundering, and combat terrorism financing, all of which are concerns associated with cryptocurrency.  Uzoije emphasizes that this is an opportune time for **ECOWAS**, under the leadership of Nigerian President Bola Tinubu, to implement such a regulatory framework.

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvMTM2MTk4NzItYTk5Ni00ZTEwLTg5OGUtZGVkMWFmMmIzNzMzLmpwZw==.jpg">Nigerian data and policy analyst Obinna Uzoije noted that a unified regulatory framework for all ECOWAS member states would offer potential crypto investors much-needed clarity.

Nigeria Encouraged to Adopt European Crypto Regulations for ECOWAS

Bitcoin's price action on June 30, ahead of its weekly, monthly, and quarterly close, exhibited uncommon moves, attracting attention from traders. BTC/USD reached intraday highs of $61,668 on Bitstamp, recovering from the previous day's dip below the key $60,000 mark. While uncertainty lingered about price support, significant bids appeared below spot price, with traders anticipating unusual weekend price action.  Despite a 2.6% week-to-date decline, Michaël van de Poppe, founder of MNTrading, remained optimistic about Bitcoin's price performance, suggesting the correction was nearing its end.  Despite these bullish sentiments, Q2 performance remained weak, with Bitcoin down 13.8%, with June accounting for 8.9% losses. Notably, one Bitcoin bull, BitQuant, admitted to being wrong about his prediction of BTC/USD reaching $95,000. However, he maintained his fundamental bullish outlook on Bitcoin, believing it would eventually climb to his target.

<img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvZmJlYjg0MzItZGVmYS00MDU5LTgxZWMtNzUzOGYzOWQ0NDhjLmpwZw==.jpg">BTC price action sees uncommon moves for a weekend ahead of Bitcoin's weekly, monthly and quarterly close.

Bitcoin Market Takes a Dip, But Trader Predicts Strong Year-End Run

Key Points:

Comments

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