Expert Predicts Optimal Outcome for Bitcoin in July as Selling Pressure Intensifies
BTC has caused chaos in the cryptocurrency industry, with a surge in bearish sentiments from investors unsure of what comes next. Market sentiment is at a low, prompting crypto trading analyst Alan Santana to provide some insights into the best-case scenario for Bitcoin in July. Historically, July has been a positive month for the original cryptocurrency.
Santana acknowledged that Bitcoin has dropped below the $60,000 mark for the first time since February 2024. This level, previously a strong support during Bitcoin’s rise from $40,000 to over $60,000, is now critical.
Looking ahead, if Bitcoin remains below $60,000, Santana predicts a prolonged negative market trend. He suggested that prices could potentially fall to levels such as $50,000, $40,000, and even $30,000 as a result of a bearish market reaction.
However, Santana also outlined a more optimistic scenario. If Bitcoin manages to close above $60,000, it could signal accumulation rather than distribution, leading to a potential rise to $65,000, $70,000, $80,000, and even $100,000 without significant corrections.
Furthermore, Santana emphasized that Bitcoin’s recovery path could ultimately target over $150,000, highlighting the current market’s volatility and significance.
External factors, such as the upcoming U.S. election in 2024, could play a role in Bitcoin’s future. Santana argued that to see a bull market in 2025, a significant correction must occur between July and November 2024, setting the stage for sustained growth and new all-time highs.
Currently, Bitcoin is under increased selling pressure, particularly after the defunct Mt. Gox exchange began repaying customers, moving 47,228 BTC. This pressure has contributed to the recent market downturn.
As of now, Bitcoin is trading at $54,490 with daily losses exceeding 4% and a weekly decline of over 11%. The immediate goal for Bitcoin is to maintain gains above the $55,000 support level, as a drop below could lead to retesting the $50,000 mark.
It is important to note that the content provided should not be considered investment advice, as investing in cryptocurrencies carries risks.
