Bitcoin (BTC) Price Might Hit $35K By End of July, Here’s Why

The post Bitcoin (BTC) Price Might Hit $35K By End of July, Here’s Why appeared first on Coinpedia Fintech News

The Bitcoin (BTC) market has maintained its support level of around $30,000, entering a consolidation phase since mid-last month. Despite a recent surge that saw BTC reach this year’s high, the current bullish outlook may face a temporary setback due to an altcoin rally triggered by the XRP case last week.

Renowned macro crypto trader and economist, MikyBull Crypto, remains optimistic about Bitcoin’s future. The analyst anticipates a breakout from the consolidation range, propelling BTC toward the $35,000 mark in the coming weeks. However, MikyBull Crypto emphasizes that the bullish outlook would be invalidated if the bears manage to breach the lower border of the consolidation range.

#Bitcoin price continues within the range.

To change bias to bearish, I want to see the lower boarder total broken downwards!

Until then, 35k$ still in view pic.twitter.com/C1RrPjAT4m

— Mikybull Crypto (@MikybullCrypto) July 18, 2023

While the bearish sentiment poses a threat, MikyBull Crypto believes it will likely be a healthy correction rather than a prolonged downturn. The analyst expects the bullish momentum to resume after this temporary setback.

Also Read: SEC vs Ripple Ruling Predicted to Have Three-Year Impact, Deaton Forecasts

In the bigger picture, Bitcoin’s dominance is being challenged by the growing altcoin market, particularly following the conclusion of the SEC vs. Ripple case concerning XRP sales. Many crypto analysts and market experts concur that Bitcoin’s price will continue to consolidate below its all-time high in the coming quarters. The major bull market, fueled by institutional investors, is anticipated to be triggered by next year’s halving event.

Overall, despite the ongoing consolidation and altcoin surge, experts and analysts like MikyBull Crypto maintain a bullish stance on Bitcoin’s future trajectory. While short-term fluctuations are expected, the long-term prospects for BTC remain promising, especially as institutional interest continues to grow.