Bitcoin may very well be in for a short consolidation section after its current surge to new all-time highs — however one other leg up earlier than the top of July isn’t off the desk, in accordance with 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 advised Cointelegraph.
Bitcoin will “pattern increased” into the top of 2025
“I do anticipate BTC to pattern increased into the year-end, however pausing right here for air could be practical,” Harvey mentioned, including:
“I believe the most effective case BTC value into month finish is a continued gradual melt-up.”
He defined that reaching new highs by the top of this month is the most effective 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 improve 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 business about whether or not retail demand has arrived but.
Coinbase lately jumped to No. 137 on the US Apple App Store, a hopeful signal that retail curiosity could be 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, according to Nansen information.
Bitcoin’s bear case is beneath $110,000
Nevertheless, Harvey additionally outlined a worst-case situation for Bitcoin within the close to time period, the place the value might drop again beneath $110,000.
“Bear case is a risk-off transfer pushed by revenue taking and/or fairness market weak spot, which I consider might see BTC retrace 5-10%,” he mentioned.
Associated: Bitcoin’s lower support retests shift traders’ 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 might solely have a couple of months of value growth 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 doubtless peak in October, which is 550 days after the Bitcoin halving in April 2024.
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