Bitcoin’s Epic Surge: Massive BTC Price Rally in June and July!

The post Bitcoin’s Epic Surge: Massive BTC Price Rally in June and July! appeared first on Coinpedia Fintech News

The largest cryptocurrency by market capitalization, Bitcoin, has been undergoing a significant correction after reaching its peak at $31,000 on April 14, 2023. Over the course of 40 days, it has experienced a decline of over $5,000, amounting to a correction of approximately 16.5%. However, Bitcoin’s correction appears to be nearing its end, with a bottom expected around $24,500 to $25,500. 

The recent publication of the latest minutes from the Federal Open Market Committee (FOMC) showcased a lack of agreement among US central bankers regarding the future course of interest rate increases. Regrettably, this disclosure failed to ignite confidence in the market. 

According to Crypto Jebb, Bitcoin has encountered a couple of notable lows during its correction period. The first significant bottom occurred around April 22nd, when it reached approximately $27,000, just above the 50-day exponential moving average (EMA). Following this bottom, Bitcoin experienced a bounce, reaching around $30,000 before facing rejection and entering a second leg of the bounce.

The correction in Bitcoin’s price has also been expected and confirmed by Lux algo, a popular indicator. The Lux algo’s red sell signal on April 19th aligns with the price target range of $25,800 to $23,000. Bitcoin’s recent drop to around $25,800 signifies that the cryptocurrency is approaching the original sell signal’s projected take-profit zone.

Considering the factors mentioned above, it is highly probable, although not guaranteed, that Bitcoin’s final bottom during this correction will lie within the range of $24,500 to $25,500, he said. While Bitcoin has already dropped to around $25,800, there might be a slight further decline before reaching the bottom. However, the key point is that the bottom is imminent.