Bitcoin Climbing, Expected to Rebound in 2nd Half of 2024

Bitcoin (BTC) is elevated from its position last week as well as from yesterday, up 1.88% across both metrics, and it is expected to climb further.

As trading heats up for Monday, Bitcoin is at $62,718 (BTC/USD), having regained its position from a week ago but still a long way from where it was before it started a bearish run in the middle of June.

Before dropping over an extended period, Bitcoin was hanging around $69,500 and was teasing a new record high. Analysts say that now that the coin has stabilized, they expect it to rebound very well. In fact, the prediction coming from several sources is that the coin will rebound in a big way from the second half of 2024.

Bitcoin Price Prediction

June trading for Bitcoin has resulted in about a 7% decrease for the token, and that is well above the average of 0.35% for the coin in this month. What analysts have noticed over the years is that when June is a down month for Bitcoin, the following months are very positive. We typically see a summer surge when that happens and then an end-of-year climb that pushes Bitcoin higher than it has been all year.

If that happens and history repeats itself, then Bitcoin will break a new record high in the next month or two and end the year much higher than it began it. What could help Bitcoin along this week, as July begins, is the new economic reports that are coming out this week.

Manufacturing PMI and Construction Spending reports for the United States are set to be released later today, and they could indicate where the US economy is moving right now. If they show positive signs of movement toward economic growth and decreased inflation, Bitcoin could be spurred above $63,000 by the end of the day.