Bitcoin (BTC) experienced a 12% gain in June, which was seen as a positive sign for bulls. However, there are forecasts that suggest the good times may soon come to an end for Bitcoin. Popular trader CryptoBullet tweeted on July 1st that July might not offer much more upside for the BTC price.
Despite a last-minute dive, Bitcoin managed to close out the month of June in a solid position. Data from Cointelegraph Markets Pro, TradingView, and CoinGlass confirmed that the monthly close came in at $30,465 on Bitstamp. These levels have continued to hold into the weekend, making June Bitcoin’s best-performing June since 2019.
July is historically a good month for Bitcoin, as the price has never lost more than 10% during this month. However, CryptoBullet believes that “common sense” dictates a fall below key moving averages for BTC/USD.
While CryptoBullet acknowledges that Bitcoin could potentially reach $35,000 to hunt for liquidity, he believes this mid-term bullish rally is coming to an end. He expects this to happen sometime in July. The concept of liquidity hunting in the low $30,000 zone remains popular, with trading suite DecenTrader noting the leveraged short positions stacked towards $35,000.
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On the other hand, Rekt Capital maintains a broadly optimistic outlook for Bitcoin. He sees the recent monthly close as a bullish sign but anticipates a healthy technical retest below $30,000. He wonders what negative catalyst will emerge to facilitate this retest, despite Bitcoin’s current price being around $30,500. Rekt Capital also argues that even if the price were to dip below the downside target, it would not be considered “out of the ordinary.” Overall, Rekt Capital believes that Bitcoin is well positioned for upside growth.
It is important to note that this content does not contain investment advice or recommendations. Investing in Bitcoin or any other cryptocurrency carries risks, and individuals should conduct their own research before making any investment decisions.
In conclusion, June was a positive month for Bitcoin, but some analysts predict that the bullish rally may be coming to an end in July. While CryptoBullet expects Bitcoin to fall below key moving averages, Rekt Capital sees it as a healthy technical retest opportunity. It remains to be seen how Bitcoin will perform in the coming weeks, as market dynamics and investor sentiment continue to influence its price.
