Bitcoin could be in a brief consolidation phase after its recent increase towards new heights of all time – but another step before the end of July is not outside the table, according to the chief of the Galaxy Digital franchise, Michael Harvey.
“Consolidation around current prices is my basic case given the Grand Rally and the New ATH,” Harvey told Cointelegraph.
Bitcoin “Tera above” until the end of 2025
“I expect the BTC to be higher in the end of the year, but a break here for the air would be realistic,” said Harvey, adding:
“I think the best case of BTC Price at the end of the month is a continuous slow merger.”
He explained that the achievement of new heights by the end of this month is the best scenario and would require strong in progress in the Stock Funds (ETF) in the United States Bitcoin (BTC), a continuous accumulation of Bitcoin cash companies and an aggressive increase in demand for detail.
While the FNB Bitcoin Spot recently published entrances to strong entrances and the demand for Bitcoin Treasury companies continues to go up, there is still a debate in the industry on the question of whether the request for detail has still arrived.
Coinbase recently jumped at n ° 137 on the Apple Apple App Store, a sign of hope that the interest of retail could resume. However, the small number of Google research for “Bitcoin” suggests that the larger detail demand has not started.
Bitcoin reached a new summit of all time of $ 122,884 on Monday, before recovering at $ 118,098 at the time of publication, according to Nansen Data.
The case of Bitcoin bear is less than $ 110,000
However, Harvey has also described the worst case for short -term Bitcoin, where the price could fall below $ 110,000.
“The case of bear is a risk decision carried out by taking profits and / or the weakness of the equity market, which, I think, could see BTC being 5 to 10%,” he said.
In relation: The lower support of Bitcoin retains the shift in traders to the orientation of traders to XLM, LTC, etc., BNB
Before Bitcoin burst his May summit of $ 112,000 on July 9, the Crypto Rekt Capital analyst warned that the current cycle can only have a few months of prices, especially if he follows the same historic model from 2020.
Rekt explained that if the Bitcoin cycle follows the 2020 model, the market will likely reach a peak in October, 550 days after the reduction in half of Bitcoin in April 2024.
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