Bitcoin may very well be in for a quick consolidation section after its latest surge to new all-time highs — however one other leg up earlier than the top of July isn’t off the desk, based on Galaxy Digital’s head of franchise buying and selling, Michael Harvey.
“Consolidation round present costs is my base case given the massive rally and new ATH,” Harvey instructed Cointelegraph.
Bitcoin will “development larger” into the top of 2025
“I do count on BTC to development larger into the year-end, however pausing right here for air could be life like,” Harvey stated, including:
“I feel one of the best case BTC worth into month finish is a continued gradual melt-up.”
He defined that reaching new highs by the top of this month is one of the best case situation and would require ongoing robust inflows into the US-based spot Bitcoin (BTC) exchange-traded funds (ETF), continued accumulation by Bitcoin treasury companies, and an aggressive enhance in retail demand.
Whereas spot Bitcoin ETFs have been posting robust inflows lately and demand from Bitcoin treasury companies retains rising, there may be nonetheless debate inside the trade about whether or not retail demand has arrived but.
Coinbase lately jumped to No. 137 on the US Apple App Retailer, a hopeful signal that retail curiosity is perhaps choosing up. Nevertheless, the low variety of Google searches for “Bitcoin” means that broader retail demand hasn’t began.
Bitcoin reached a brand new all-time excessive of $122,884 on Monday, earlier than retracing to $118,098 on the time of publication, based on Nansen information.
Bitcoin’s bear case is under $110,000
Nevertheless, Harvey additionally outlined a worst-case situation for Bitcoin within the close to time period, the place the worth may drop again under $110,000.
“Bear case is a risk-off transfer pushed by revenue taking and/or fairness market weak spot, which I imagine may see BTC retrace 5-10%,” he stated.
Associated: Bitcoin’s decrease assist retests shift merchants’ focus to XLM, LTC, ETC, BNB
Earlier than Bitcoin broke its Might all-time excessive of $112,000 on July 9, crypto analyst Rekt Capital warned that the present cycle could solely have a couple of months of worth enlargement left, particularly if it follows the identical historic sample from 2020.
Rekt defined that if the Bitcoin cycle follows the 2020 sample, the market will probably peak in October, which is 550 days after the Bitcoin halving in April 2024.
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