Against the backdrop of Bitcoin's recent five-figure price reversion, analysts express concerns regarding further market corrections.
Current Bitcoin Situation
Bitcoin has fallen nearly 10% from its all-time high and briefly dipped back into five figures during late weekend trading. Analysts note that although institutional demand remains strong, corrections could persist into July.
Historical July Declines
Analysis shows that Bitcoin often exhibits weakness in June and July. For instance, in 2017, the cryptocurrency lost about 35% between June and July before hitting a record in December. Similar declines occurred in 2019, 2021, and 2022, with losses of 27% in 2019 and 25% in 2021.
Analysts' Future Predictions
Analyst Benjamin Cowen noted that Bitcoin may face difficulties around mid-June, as seen in previous years. He also suggested that the next low could come in August or September. His social media posts reinforce this forecast, indicating that Bitcoin may drop to the $80,000 range.
Based on observations and historical data, there's a possibility that Bitcoin may continue its downturn in July, prompting investors to exercise caution.
