Bitcoin has wrapped up July with its highest monthly close ever, sparking bullish sentiment for August as historical post-halving trends point to potential double-digit gains.
Bitcoin Hits All-Time High Monthly Close
On July 31, Bitcoin (BTC) closed the month at $115,800, marking its highest monthly close in history, according to data from TradingView. Despite a last-minute dip to $115,000 caused by macroeconomic volatility, this milestone signals strong market momentum.
The drop coincided with Wall Street turbulence after US President Donald Trump announced new tariffs, including raising tariffs on Canadian imports from 25% to 35%. The S&P 500 closed at 6,339, marking its fourth consecutive day of decline. Meanwhile, the Crypto Fear & Greed Index fell 10 points to 65 but remained in the “greed” zone, reflecting continued bullish sentiment.
Analysts Remain Bullish Despite Price Dip
Crypto analysts view the pullback as a healthy market retest. Popular trader Mags highlighted that Bitcoin’s brief dip to $115,000 formed a bullish retest of an inverse head-and-shoulders pattern, with a potential measured target of $172,000 — a 50% increase from current levels.
“It’s just a matter of time before Bitcoin price goes vertical,” Mags noted on X.
Fellow analyst Michaël van de Poppe also sees opportunity in the correction. He suggested that August could start as a stabilization period before BTC and altcoins push higher later in the month.
August Could Trigger a Massive BTC Move
Bitcoin ended July up 8.13%, aligning with historical market behavior, per data from CoinGlass. While August is typically one of Bitcoin’s weakest months, averaging just 1.61% gains, post-halving years tell a different story.
In previous post-halving cycles:
- 2013 August: +30%
- 2017 August: +65%
- 2021 August: +14%
Analysts believe history could repeat. Market watcher Alpha Finder pointed out that “post-halving Augusts often deliver massive returns,” while Crypto B added, “If history repeats itself, get ready for a strong August.”
Bitcoin Price Outlook
Currently, Bitcoin remains in a $115,000–$121,000 trading range, with technical indicators hinting at a potential breakout. If historical trends hold, August could be the month that propels BTC toward its next leg up, with some analysts even eyeing targets near $172,000 in the coming months.
As Bitcoin solidifies its post-halving momentum, traders and investors are watching August closely, expecting the world’s largest cryptocurrency to potentially make a “vertical” move that could define the next bullish phase.
