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July's Market Forecast for Bitcoin: Promising or Precarious?
Although Bitcoin appears set for a "liquidity hunt" towards $35,000, the optimistic outlook for a sustained price surge beyond July faces a fair share of skepticism.
Bitcoin saw an impressive 12% rise in June. However, some forecasts suggest this buoyant market sentiment may soon give way.
On July 1, well-known trader CryptoBullet speculated on Twitter that the Bitcoin price rally might find little momentum to sustain its climb in July.
Will Bitcoin's Positive Streak Continue Through July?
Despite a last-minute dip due to macroeconomic news, Bitcoin finished June on a positive note.
Information from Cointelegraph Markets Pro, TradingView, and CoinGlass verifies a monthly close at $30,465 on Bitstamp.
Bitcoin continues to maintain this upward trajectory as we head into the weekend, marking its most successful June performance since 2019.
Historically, July has been a strong month for Bitcoin; it has never seen more than a 10% loss in this month throughout its existence.
CryptoBullet, though, suggests that "common sense" points to a drop below significant moving averages for BTC/USD.
Reflecting on June's performance, CryptoBullet stated, "BTC tested the MA50, had a solid bounce, and regained the EMA21!" Regarding future movements, he cautioned, "$BTC can reach 35k (to hunt liquidity), but this mid-term bullish rally is nearing its end, likely this month."
The notion of hunting for liquidity in the low $30,000 range remains a popular theory for price continuation.
Trading suite DecenTrader, among others, has been closely observing leveraged short positions leaning towards $35,000.
Clash of Perspectives on Bitcoin's Monthly Charts
Rekt Capital, on the other hand, maintains a generally upbeat outlook. He suggests that a "healthy technical retest" of levels below $30,000 for Bitcoin might be advantageous, despite the positive monthly close.
Bitcoin closed bullishly for the month, but Rekt Capital believes it is primed for a healthy technical retest at approximately $29,250. He further wonders what negative event might trigger this technical retest with the current price hovering around $30,500.
Further scrutiny suggests that even if the BTC price dips below the predicted downside target, it would be nothing too unusual or alarming.
"Well positioned for upside overall," adds Rekt Capital, painting a hopeful picture for the future of Bitcoin.
