Altcoins
It could reach $70,000 in July
Bitcoin price has been crushing the bearish narrative for a while, as the token triggers a strong rebound from intermediate lows. At times when the price was expected to make new lows below $58,000, the rebound indicates that bulls have mimicked weakness and trapped bears to maintain a steady upward trend in the future. However, the breakout has yet to be validated; thus, the possibility of a pullback revolves around the BTC price until the levels cross the threshold.
THE BTC price has recently faced extreme pressure as miners capitulate on the verge of making new highs. The price has been stuck between $59,000 and $72,000 for over a couple of months and hence there was no room to set up a bearish narrative. Furthermore, the strong weekly close and demand wicks have signaled the bottom of every retracement since early 2023, similar to the current weekly close. Therefore, this suggests that the lows could be reached as the BTC price rally seems poised for the next move.
Will BTC Price Reach $70,000 in July?
Although the start of the month was bullish, the technical data and chart formation do not support an extended bullish narrative. The price is moving within an expanding descending channel and is trying with all its might to break above the resistance. Growing optimism and the MACD, which is poised for a bullish crossover, support the bullish narrative. However, the Gaussian channel suggests some scope for bearish activity. Previously, when the price entered the channel and reached the mid-range, the selling pressure increased, which turned the channel from bullish to bearish. Volume also remains limited, which supports the bearish narrative.
Therefore, it is believed that the price of Bitcoin will break out of the channel and reach the mid-zone between $64,841 and $65,149. If the bulls can hold within the range and lift levels above the middle bands of the channel at $66,661, then the bearish possibility could be different; otherwise, the fear of a pullback below $64,000 could hover over the rally.
July has been historically bullish for the BTC price rally, as the token has averaged a return of more than 10% over the past five years. With the latest price action, the price is trying hard to flip the support levels and aims to form consecutive higher highs and lows. Furthermore, the short squeeze also fueled the weekend rally and thus it is believed to remain bullish for the next few days.