Michael Harvey, the head of trading at Galaxy Digital, recently said in an interview with Cointelegraph that after Bitcoin recently hit a new historical high, it might take a "breather" first, but it is likely to rise again before the end of July.

"Having risen so much and set a new high, a sideways consolidation around this price level in the short term is a high-probability event," Harvey explained. He also emphasized that looking at the year as a whole, Bitcoin should continue to rise towards the end of the year, but taking a break in between is reasonable, "the ideal situation is for it to slowly climb up by the end of July."

The seasoned trader pointed out that for Bitcoin to set a new high by the end of this month, three conditions need to be met: U.S. Bitcoin ETFs continuously attracting funds, institutions continuing to accumulate coins, and a large influx of retail investors. Although the recent inflow of ETF funds has indeed been strong, and institutional buying is increasing, there is still debate about whether retail investors have started to take action.

Two phenomena can provide clues: Coinbase's app has surged to rank 137 in the U.S. App Store, seemingly indicating rising interest from retail investors; however, the number of Google searches for "Bitcoin" is not high, suggesting that a broader base of ordinary investors has not yet entered the market in large numbers.

Bitcoin just touched a historical high of 122,884 on Monday, before retreating to 118,098 (according to Nansen data). Harvey also warned of short-term risks: "If there is profit-taking or a stock market decline triggers risk aversion, Bitcoin could pull back 5%-10%, in which case the price might fall below the 110,000 mark."

It is worth noting that when it broke the previous high of 112,000 set in May on July 9, veteran analyst Rekt Capital warned: if historical patterns from 2020 are followed, this cycle might only have a few months of upward movement left. He specifically analyzed that if history repeats, the market might peak in October this year—this timing coincides with the 550th day after Bitcoin's halving in April 2024.

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