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Bitcoin posts near-10% gains in July, traders warn of 2022-style pullback
Data from CoinGlass puts BTC/USD July gains at 9.5%, but traders point to weaker average gains in Q3 and a history of August reversals in 2022.
Bitcoin is on track for its best July performance since 2022, with BTC/USD up about 9.5% in the first two weeks of the month, according to Cointelegraph citing CoinGlass data.
Cointelegraph notes that while July has been strong, traders still expect a bearish turn similar to 2022, when BTC/USD ended July up nearly 17% but then fell around 14% in August and dropped another 3% in September.
Traders referenced by Cointelegraph said Q3 is Bitcoin’s weakest quarter on average, and linked that pattern to typically slower markets during summer, with lower liquidity and trading volumes.
Additional commentary in the piece highlights expectations that August could offset July’s gains, as well as attention turning to potential near-term price targets, including $70,000, for the remainder of July.
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