Bitcoin is currently in a consolidation phase around $118,000 after reaching a new record peak of $123,000, preparing for a strong price increase in July.
Although the cryptocurrency market can be volatile at times, many experts believe Bitcoin still has a chance to reach higher prices before July ends, based on strong capital flows from Bitcoin ETFs and interest from institutional and retail investors.
MAIN CONTENT
Bitcoin could create a new ATH peak by the end of July if ETF capital flows and accumulation from institutions remain strong.
Bitcoin's price risks dropping to around $110,000 due to profit-taking or negative impacts from the stock market.
The current bull cycle is expected to peak in October 2025, with the potential for an additional 20-25% increase based on on-chain indicators.
Is Bitcoin likely to hit a new peak before the end of July?
Michael Harvey, Trading Director at Galaxy Digital, assesses that Bitcoin still has the potential to reach a new peak in July if positive conditions continue to be maintained. He emphasizes the role of capital flows into Bitcoin ETFs in the United States and the accumulation from cryptocurrency treasury companies as key drivers.
Strong ETF capital flows along with consistent accumulation from institutions provide a solid basis to support price increases. However, individual investor activity remains unclear as Google interest levels are still low, even though the Coinbase app has risen in rank on the App Store, indicating increasing curiosity.
Can Bitcoin drop to $110,000 before continuing to rise?
According to Michael Harvey, the possibility of a price drop of around 5-10% due to profit-taking or negative trends from the stock market is likely. Bitcoin's price could fall to around $110,000, but this does not mean the end of the upward trend, just a temporary interruption.
This slight correction is necessary to increase the sustainability of the upward momentum and create a solid foundation for Bitcoin's next advances.
Michael Harvey, Trading Director at Galaxy Digital, 7/2024
Will the Bitcoin Bull Run peak in October 2025?
Crypto analyst Rekt Capital predicts that the current Bitcoin bull cycle could peak in October 2025, following a similar timeline to the 2020 cycle (550 days after the halving in April 2024). This implies that Bitcoin has only a few months of strong price increases left before entering a consolidation phase.
Bitcoin still maintains a massive market capitalization of $2.33 trillion and a daily trading volume of approximately $81.67 billion, demonstrating long-term trust from institutional investors. The 18.9% increase in trading volume shows that professional investors still maintain significant interest.
How does the on-chain index support BTC price predictions?
According to CryptoQuant, Bitcoin's Short-Term Holder MVRV index is below the standard profit-taking level (~1.35), implying there is still room for a 20-25% increase. The current price consolidation phase has a solid technical foundation, and the next price target could exceed $140,000.
Bitcoin still has significant growth potential based on on-chain signals, indicating that the market has not yet reached saturation.
CryptoQuant, analysis report, 6/2024
Bitcoin price scenarios in July 2024
Scenario Conditions Expected Price Movements Continuous Growth Increasing ETF capital flows, institutional accumulation, rising retail investor participation Bitcoin price exceeds $123,000, moving towards $140,000 Slight Correction Profit-taking, weak stock market Price drops to $110,000, then recovers Consolidation Cautious individual investor activity, low volatility Price remains around $118,000, waiting for the next signal
Frequently Asked Questions
Can Bitcoin reach a new peak in July 2024?
Through studying ETF cash flows and institutional accumulation, the possibility of Bitcoin reaching a new peak in July remains very high if these factors remain stable.
How much can Bitcoin's price drop in the upcoming correction?
Experts predict Bitcoin may drop 5-10%, around $110,000, before continuing its long-term upward trend.
How long will the current Bitcoin bull cycle last?
Based on halving analysis, the peak of the cycle is likely to be around October 2025.
What role does the MVRV index play in predicting Bitcoin prices?
The MVRV index measures the profitability of short-term investors, helping to predict selling pressure and potential price increases.
Do individual investors have a significant impact on Bitcoin's current price?
Despite increased interest in the app, the level of interest from individual investors in the market is still not a key factor driving strong price increases.
Source: https://tintucbitcoin.com/bitcoin-du-bao-dinh-moi-cuoi-thang-7/
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