Omkar Godbole: July probably will be the best year for bitcoin in 8 years

This July will be the best for bitcoin for 8 years, if, before the end of the day there is no significant rate changes, CoinDesk analyst Omkar Godbole.

Bitcoin at the time of publication is trading around $11 200, up from the beginning of the month by 22%. Closing time Friday candle cryptocurrency rate should remain at this level to confirm that the largest gains for the seventh month in 2012, when the price has risen by 40%. If bitcoin drops below $11 050, figure this month will yield results in 2018, when the increase was 21%.

The rise in the second half of July marked the end of a two-month period of consolidation between $9 000 and $10 000. At the same time, a decrease in the U.S. dollar on foreign currency markets, and gold updates historical highs of around $1 950.

«Bitcoin stood out this year on the background of the enormous stimulus measures of Central banks and the collapse of the financial system,» said technical Director Bitfinex and Tether Paolo Ardoino.

According to the analyst, the bitcoin remains in a strong downtrend with a small number of signs of stress, despite the increased on-week sales up. The largest mining pool Poolin on Wednesday brought to the stock exchange 435 BTC, which corresponds to the biggest outflow in a single day since may 3.

On the monthly chart triangle breakout is obvious, the downlink, or the resistance which carried out from the top two and a half years ago.

The analyst believes that this opens up the possibility for raising the resistance of $13 880 to the highs of June, 2019, but does not rule out a pullback given the overbought according to relative strength index.



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