Bitcoin Price Could Reach $35K By End of July – Here’s Why
• Bitcoin (BTC) market has maintained its support level of around $30,000.
• A recent surge saw BTC reach this year’s high, but a temporary setback may be caused by an altcoin rally triggered by the XRP case last week.
• Renowned macro crypto trader and economist, MikyBull Crypto, anticipates a breakout from the consolidation range propelling BTC toward the $35,000 mark in the coming weeks.
Bitcoin Price Consolidation
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.
MikyBull Crypto’s Outlook
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.
Altcoin Impact on Bitcoin
The bearish sentiment poses a threat to Bitcoin’s future trajectory as it is being challenged by an increasing number of altcoins in circulation due to conclusion of cases such as SEC vs Ripple concerning XRP sales . Many crypto analysts and market experts predict that Bitcoin will continue trading within its all-time high before next year’s halving event triggers another major bull market fueled by institutional investors.
Temporary Setback Expected
Despite ongoing consolidation and altcoin surge, experts like MikyBull Crypto maintain a bullish stance on Bitcoin’s future performance with short-term fluctuations expected before resuming its long-term growth trajectory. The analyst expects any potential bearish sentiment to be healthy correction rather than prolonged downturn after which bullish momentum will resume shortly afterwards.
In conclusion; while short-term fluctuations are expected due to bearish sentiment posed by growing altcoin markets and other factors such as SEC vs Ripple ruling concerning XRP sales , many experts remain confident about Bitcoin’s long-term prospects for growth ahead of next year’s halving event which is anticipated to trigger another major bull run fueled by institutional investors