Bitcoin may very well be in for a short consolidation part after its current surge to new all-time highs — however one other leg up earlier than the tip of July isn’t off the desk, in line with Galaxy Digital’s head of franchise buying and selling, Michael Harvey.
“Consolidation round present costs is my base case given the big rally and new ATH,” Harvey advised Cointelegraph.
Bitcoin will “development greater” into the tip of 2025
“I do anticipate BTC to development greater into the year-end, however pausing right here for air could be real looking,” Harvey stated, including:
“I feel the perfect case BTC worth into month finish is a continued sluggish melt-up.”
He defined that reaching new highs by the tip of this month is the perfect case state of affairs and would require ongoing sturdy 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 sturdy inflows just 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 just 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 state of affairs for Bitcoin within the close to time period, the place the value may drop again beneath $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 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 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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