The price of bitcoin continues to face a major devaluation in the market. According to data on bitcoin’s performance in recent months, this was the worst quarter in history for the crypto asset.
Between April and June 2022, the digital currency accumulated a 57% drop. In June 2022 alone, for example, the crypto asset’s price melted by more than 37%.
However, analysts at Transfero believe this trend can be reversed by the end of the year. In fact, July could be a promising month for bitcoin, which is once again being priced below US$ 20,000.
Historically, July has been a month of great appreciation for the price of bitcoin in the crypto market. Transfero analysts say that in seven of the last ten years, the crypto asset has accumulated a price rise in that month.
“Both the month (July) and the second-half result averages have shown appreciation in seven of the last ten years, which creates a good future mathematical expectation”.
In other words, by the end of July 2022, the bitcoin price can reverse the devaluation trend and go back up. The same goes for the second half of the year, which is usually a period of accumulating appreciation for the asset.
In recent weeks, the crypto asset was once again quoted below US$ 20,000, and on Friday (1), the digital currency is being quoted at around US$19,300.