Bitcoin on track to gain almost 20% in July as mikemcglone11 eyes potential for 'one of greatest bull markets in history.'
Looking forward, however, not everyone was convinced that the current market strength had much room left to continue.
In one of various Twitter posts over the weekend, Material Scientist, creator of on-chain analytics resource Material Indicators, eyed funding rates on derivatives platforms turning increasingly positive, indicating too strong consensus that prices could go up unchecked. "Negative funding has almost completely reset, just like in late March. We might even see positive funding on some alts soon," heNonetheless, BTC/USD was still on track to deliver approximately 19% monthly gains for July, these starkly contrasting with any other month of the year so far.
According to data from Coinglass, July's returns were even poised to be Bitcoin's best since the 2021 all-time highs.One of"greatest bull markets" could now await BitcoinRelated:Eyeing potential performance in the second half of 2022, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, left little doubt as to how Bitcoin in particular would fare.
Hints that the Federal Reserve would address rate hikes on a"meeting by meeting basis," as per Chair Jerome Powell this week,"may mark the pivot for #Bitcoin to resume its tendency to outperform most assets," he"July marked the steepest discount in Bitcoin history to its 100-and 200-week moving averages, with implications for it to recover," he added about the 200-week trendline.
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