July was a very active month for Bitcoin (BTC) and the general cryptocurrency market. US presidential candidate Donald Trump was assassinated and survived with minor injuries. Cryptocurrency exchange Mt., which went bankrupt 10 years ago. Gox began repaying its creditors. Large countries such as Germany and the USA sold the Bitcoins they confiscated. Spot Ethereum ETFs opened for trading in the US.
At this point, the Bitcoin price increased by 3.09% in July, falling behind the historical average monthly return of 8.26% for July.
While investors pin their bullish hopes on the coming months, does Bitcoin like August? How did it perform in previous August months? What awaits Bitcoin and cryptocurrency markets in August? Let's look at the answers to your questions.
How Did Bitcoin Perform in August?
When we look at the performance of Bitcoin by years and months, we notice that declines in certain months and increases in certain months are concentrated.
When we look at the Bitcoin monthly return table above, we can generalize that March, August and September are the months of decline; We see that February, July, October and November are the rising months.
At this point, when historical data is examined, Bitcoin closed August with an increase in only 4 of the last 11 years, while it closed with a decrease in August in the remaining seven years.
Accordingly, Bitcoin increased by 30.42% in 2013; 65.32% in 2017; It rose by 2.38% in 2020 and finally by 13.8% in 2021.
In comparison, Bitcoin lost 17.55% in 2014; 18.67% in 2015; 7.49% in 2016; 9.27% in 2018; 4.6% in 2019; It dropped by 13.88% in 2022 and finally by 11.29% in 2023.
August May Be Slow in Bitcoin!
While it is wondered how BTC, which started 2024 with a small decrease of 0.64%, will perform in the rest of August, analysts state that there are many factors that will affect BTC's performance.
Accordingly, in August, Mt. Gox's Bitcoin refund process will continue, a decision may be made in the Ripple-SEC case, US Inflation data will be announced on August 14, and the Democratic Party will determine its presidential candidate at the congress to be held between August 19-22 (as it is known, US President Joe Biden withdrew his candidacy). .
While important events that may affect the price of Bitcoin are expected, 10X Research founder Markus Thielen, who draws attention with his successful predictions, thinks that the rise in BTC will not be as fast as expected and depends on macroeconomic factors in the USA.
Stating that Bitcoin has entered a potentially slow period at this point, Thielen said that BTC went horizontally in August and showed a downward trend in September.
*This is not investment advice.