June was a rough month for crypto. Bitcoin's price dropped massively, making it the second-worst month in 2024.
Historically, July tends to be a good month for Bitcoin.
Recent government Bitcoin transactions might have spooked some investors, but Bitcoin's price has held steady.
This week, Michael Dell's cryptic social media post with Michael Saylor suggests that Dell Technologies might invest in Bitcoin.
S.BLOX, a subsidiary of Sony, has just pivoted and is about to focus on crypto trading.
According to insights from Coinglass, June's crypto landscape wasn't the most bullish for Bitcoin and the rest of the crypto market.
Bitcoin monthly returns data shows that June was the second most bearish month for Bitcoin in the year after April when the cryptocurrency lost around 14% of its value.
The Bitcoin monthly returns
However, there might be indications that a recovery is inbound, even though the market hit a monthly low of $59,500 last month.
Here are some of the significant reasons why July is set to be a bullish month for crypto.
According to insights from Santiment, the crypto market’s $400 million decline in market cap might be poised for recovery in July.
In a recent tweet, Santiment mentioned that the selling pressure on crypto exchanges appears to be waning and that the majorly negative sentiment from traders could mean that “a relief rally may just be beginning.”
This is amid an earlier tweet from analyst Ali Martinez, who opined that according to history, bearish Junes generally birth bullish Julys, with an average monthly return of around 7%.
This comes amid the recent selling spree from the German and U.S. governments. Between 1 July and the time of writing, the German government transferred 1,500 BTC, valued at $95 million, to several cryptocurrency exchanges, and the U.S. government moved 1,184 confiscated BTC between wallets.
These transactions, worth a lot more than $100 million, have sparked speculation about an incoming market dump.
The Bitcoin ETF market performance
However, despite July's selling and the $300 million from June, Bitcoin's price has remained relatively steady between $63,000 and $60,000, likely due to the spot Bitcoin ETF inflows, which have slowly been turning green over the last week.
According to recent developments on Twitter, July is also set to see massive Bitcoin investments from some new big players.
This week, the Billionaire Chairman of Dell Technologies, Michael Dell, took to Twitter to say, "Scarcity creates value."
To this, Michael Saylor replied, "#Bitcoin is Digital Scarcity."
Dell responded with an enigmatic meme post of the cookie monster munching on Bitcoin cookies—a message that indicates an incoming Bitcoin investment.
As of 2024, Michael Dell's net worth is around 105.2 billion USD, and Dell Technologies is valued at around $100 billion, with $5.83 billion in cash and equivalents.
If Dell is genuinely interested in investing in Bitcoin with a mere 1% of his personal or company portfolio, we could see some substantial capital inflows into the cryptocurrency very soon.
Moreover, we also heard reports of Amber Japan, a Sony subsidiary based in Tokyo, rebranding to S.BLOX to focus on crypto trading.
Amber Japan, now S.BLOX, has around $10.5 billion in capital, further increasing the chances that we might see a significant wave of inflows into the Bitcoin market soon.
Overall, as we move into July, all the signs favour a less bearish outlook than we saw in June.
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