Bitcoin ‘pausing here for air’ likely, but another July ATH still possible

7 hours ago

Bitcoin could beryllium successful for a little consolidation signifier aft its caller surge to caller all-time highs — but different limb up earlier the extremity of July isn’t disconnected the table, according to Galaxy Digital’s caput of franchise trading, Michael Harvey.

“Consolidation astir existent prices is my basal lawsuit fixed the ample rally and caller ATH,” Harvey told Cointelegraph.

Bitcoin volition “trend higher” into the extremity of 2025

“I bash expect BTC to inclination higher into the year-end, but pausing present for aerial would beryllium realistic,” Harvey said, adding:

“I deliberation the champion lawsuit BTC terms into period extremity is simply a continued dilatory melt-up.”

He explained that reaching caller highs by the extremity of this period is the champion lawsuit script and would necessitate ongoing beardown inflows into the US-based spot Bitcoin (BTC) exchange-traded funds (ETF), continued accumulation by Bitcoin treasury firms, and an assertive summation successful retail demand.

While spot Bitcoin ETFs person been posting beardown inflows precocious and request from Bitcoin treasury firms keeps rising, determination is inactive statement wrong the manufacture astir whether retail request has arrived yet.

Coinbase precocious jumped to No. 137 on the US Apple App Store, a hopeful motion that retail involvement mightiness beryllium picking up. However, the debased fig of Google searches for “Bitcoin” suggests that broader retail request hasn’t started.

Bitcoin reached a caller all-time precocious of $122,884 connected Monday, earlier retracing to $118,098 astatine the clip of publication, according to Nansen data.

Bitcoin’s carnivore lawsuit is beneath $110,000

However, Harvey besides outlined a worst-case script for Bitcoin successful the adjacent term, wherever the terms could driblet backmost beneath $110,000.

“Bear lawsuit is simply a risk-off determination driven by nett taking and/or equity marketplace weakness, which I judge could spot BTC retrace 5-10%,” helium said.

Before Bitcoin broke its May all-time precocious of $112,000 connected July 9, crypto expert Rekt Capital warned that the existent rhythm whitethorn lone person a fewer months of terms enlargement left, particularly if it follows the aforesaid humanities signifier from 2020.

Rekt explained that if the Bitcoin rhythm follows the 2020 pattern, the marketplace volition apt highest successful October, which is 550 days aft the Bitcoin halving successful April 2024.

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