Bitcoin Price Stabilizes: July Highs Still Within Reach for Investors
bitcoin‘s Future: Consolidation Phase or Continued Growth?
bitcoin‘s Recent Surge and Potential Consolidation
bitcoin has recently achieved new all-time highs, leading to speculation about a possible short-term consolidation period. Michael Harvey, the head of franchise trading at Galaxy Digital, suggests that while a pause in price movement is likely, there remains the potential for another upward trend before the end of July.
Harvey stated, “Given the significant rally and the new all-time high, I anticipate a consolidation around current price levels.” He elaborated that the most optimistic scenario would involve bitcoin continuing to rise gradually as the month concludes.
Outlook for bitcoin Through 2025
Looking ahead, Harvey believes that bitcoin is poised to trend upward as we approach the end of 2025. He noted, “While I expect BTC to rise towards year-end, a brief pause for consolidation would be reasonable.” He emphasized that achieving new highs by the end of July hinges on sustained strong inflows into U.S.-based spot bitcoin exchange-traded funds (ETFs), ongoing accumulation by treasury firms, and a significant increase in retail interest.
Despite recent strong inflows into spot bitcoin ETFs and rising demand from treasury firms, there remains uncertainty regarding retail participation. Coinbase’s recent rise to No. 137 on the U.S. Apple App Store suggests a potential uptick in retail interest, yet low Google search volumes for “bitcoin” indicate that broader retail demand may still be lacking.
Current bitcoin Price and Market Dynamics
As of the latest data, bitcoin is trading at $118,098, having reached a peak of $122,884 earlier this week before experiencing a slight retracement.
Bearish Scenarios for bitcoin
Harvey also outlined a bearish outlook, indicating that bitcoin could potentially drop below $110,000 in the near term. He explained, “A risk-off sentiment driven by profit-taking or weakness in the equity markets could lead to a 5-10% retracement for BTC.”
In a related note, crypto analyst Rekt Capital has cautioned that the current market cycle may only have a few months of upward movement left, particularly if it mirrors historical patterns from 2020. Rekt suggested that if bitcoin follows the trajectory seen in 2020, the market could peak around October, approximately 550 days after the bitcoin halving event scheduled for April 2024.
This analysis highlights the dynamic nature of the cryptocurrency market and the various factors influencing bitcoin‘s price trajectory in the coming months.
