Bitcoin could be in for a brief consolidation phase after its recent surge to new all-time highs — but another leg up before the end of July isn’t off the table, according to Galaxy Digital’s head of franchise trading, Michael Harvey.
“Consolidation around current prices is my base case given the large rally and new ATH,” Harvey spoke to Cointelegraph.
Bitcoin “trend higher” By the end of 2020
“I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic,” Harvey added:
“I think the best case BTC price into month end is a continued slow melt-up.”
The best-case scenario would be to reach new heights this month. This requires continued strong inflows of funds into US-based Bitcoin spot (BTCThe emergence of exchange-traded fund (ETF), the accumulation of Bitcoin by treasury companies, and a rapid increase in retail sales are all contributing factors.
There is debate in the industry as to whether or not retail demand has yet arrived. While Bitcoin treasury companies continue to demand Bitcoin, spot Bitcoin exchange-traded funds have seen strong recent flows.
Coinbase has recently moved up to the No. 137 on the US Apple App StoreThis is a sign of hope that the retail market might be improving. Google searches on “Bitcoin” The retail market has not yet begun to grow.
Bitcoin hit a record high on Monday of $122,884, before falling to $118.098 by the time this article was published. according Nansen’s data
Bitcoin’s bearcase is under $110,000
Harvey did, however, outline a possible worst-case scenario in which the Bitcoin price would fall below $110,000.
“Bear case is a risk-off move driven by profit taking and/or equity market weakness, which I believe could see BTC retrace 5-10%,” He said.
Related: Bitcoin’s lower support retests shift traders’ focus to XLM, LTC, ETC, BNB
Rekt Capital, a crypto analyst, warned before Bitcoin’s all-time May high of $112,000 was broken on July 9 that this cycle could only last a few more months of growth if the price pattern follows that of 2020.
Rekt explained the Bitcoin cycle will peak in the month of October if it follows the same pattern as the one in 2020. That is about 550 day after Bitcoin’s halving, in April, 2024.
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Source: cointelegraph.com
