Recently, Bitcoin (BTC) has been receiving positive price predictions from the leading names in the cryptocurrency industry. This indicates a potential bullish continuation for the leading crypto asset. Here are the levels that experts are pointing for the leading crypto…
The famous name of Wall Street pointed to $ 36 thousand for Bitcoin
Katie Stockton, founder and analyst of Fairlead Strategies, expressed her optimistic outlook on Bitcoin during a recent CNBC broadcast. Stockton stated that Bitcoin is showing a healthy consolidation around the $30,000 level and suggested that the next target could be $36,000. Stockton also highlighted that volatility has decreased in both Bitcoin and the stock market, interpreting this as a bullish signal.
Stockton also pointed to the correlation between the S&P 500 and Bitcoin. He stated that if both markets continue to rise, it could be an indicator of an interconnected upward trend in financial markets. This perspective is in line with the view that Bitcoin’s price increase will contribute to a significant growth in cryptocurrency market volumes.
Alex Krüger: We can see the rally
Economist and crypto analyst Alex Krüger, who agrees with the optimistic view, believes that Bitcoin may witness strong rallies in the near future. Krüger emphasized the importance of the BlackRock spot BTC exchange-traded fund (ETF) application, suggesting that its approval could have a significant impact on the price of Bitcoin. It also highlighted the liquidity gap between $31,000 and $37,000, which, if convincingly entered by BTC, could spark a dramatic rally.
Krüger also discussed the temporary separation of Bitcoin from other risk assets due to regulatory pressure. However, he expects BTC and the crypto market to start moving more in line with other assets like stocks in the future.
Rekt Capital: There is upside potential
Adding to the bullish sentiment, a highly followed crypto strategist known as Rekt Capital shared his analysis of Bitcoin’s potential. Rekt Capital pointed out that Bitcoin surpassed its psychological resistance at $30,000 in June, suggesting that there is more upside potential. However, the strategist is waiting for a short pullback to retest the previous resistance level as support before the next rise.
Rekt Capital also talked about the Bitcoin dominance chart (BTC.D), which tracks the percentage of the total crypto market capitalization attributed to Bitcoin. According to the analyst, BTC.D looks poised for a correction, indicating a potential opportunity for altcoins to outperform Bitcoin in the short term. However, Rekt Capital expects BTC dominance to eventually continue its upward trajectory, potentially reaching up to 58%.
How did Bitcoin move in July?
So, what do Bitcoin’s previous performances for July indicate? The chart below shows that the largest coin made profits in July of 2018, 2020, 2021 and 2022. Only in 2019, we see a 6 percent loss as an exception. The biggest gain was in 2020, when the coronavirus epidemic emerged and all cryptos advanced to record levels.
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