Market analysts anticipate Bitcoin could see sustained upward momentum throughout July, buoyed by significant inflows into US spot Bitcoin Exchange-Traded Funds (ETFs) and persistent treasury buying interest.
Noted analyst Michael Harvey from Galaxy Digital underscored this optimistic outlook, identifying institutional participation via ETFs as a primary catalyst. Bitcoin recently reached a high near $122,884 before retracing to levels around $118,098, reflecting typical market consolidation following a strong advance.
However, Harvey presented a cautionary view, outlining a bear case scenario where Bitcoin might retrace below $110,000. Such a pullback could potentially be triggered by adverse conditions spreading from broader equity markets.
Historical analysis indicates Bitcoin’s price often adheres to cyclical patterns. This perspective suggests a potential peak could materialize approximately 550 days after the April 2024 halving event, projecting towards late 2025.
Investors navigating this evolving landscape are advised to closely monitor key indicators, including ETF flow dynamics, treasury accumulation patterns, and overall market sentiment for signals about Bitcoin’s trajectory.