Altcoins
The figure could reach $70,000 in July
Bitcoin price has been crushing the bearish narrative for a while as the token is staging a strong rebound from the intermediate lows. At a time when the price was expected to make new lows below $58,000, the bounce indicates that the bulls have mimicked the weakness and trapped the bears to maintain a steady upward trend ahead. However, the breakout has not yet been validated; hence, the possibility of a pullback hovers around the BTC price until the levels fail to breach the threshold.
THE BTC Price Bitcoin recently faced extreme pressure as miner capitulation was poised to mark new highs. The price remained stuck between $59,000 and $72,000 for over two months and so there was no room to set up a bearish narrative. Additionally, the strong weekly close, demand wicks signaled the bottom of each retracement since the start of 2023, similar to the current weekly close. Therefore, this suggests that the lows could be reached as the BTC price rise appears poised for the next move.
Will BTC price reach $70,000 in July?
Although the start of the month was bullish, technical data and chart formation do not support a prolonged bullish scenario. The price is moving in a descending and expanding channel and is working to break through resistance. The growing optimism and the MACD, which is ready for a bullish crossover, support the bullish scenario. However, the Gaussian channel suggests some room for bearish activity. Previously, when the price entered the channel and reached the mid-range, the selling pressure increased, which caused the channel to change from bullish to bearish. Volume also remains limited, supporting the bearish scenario.
Therefore, it is believed that Bitcoin price will break out of the channel and reach the middle zone between $64,841 and $65,149. If the bulls manage to sustain within the range and raise the levels above the channel’s mid-bands at $66,661, then the bearish possibility could be different; otherwise, fears of a pullback below $64,000 could loom over the rally.
July has always been a bullish month for BTC price rises as the token has seen an average return of over 10% over the past five years. With the latest price action, price is striving to reverse support levels and aims to form higher consecutive highs and higher lows. Additionally, the short squeeze also fueled the weekend rally and is therefore expected to remain bullish for the coming days.