📢 The Biggest Crypto Predictions for July 2024: 😱😱😱😱😱😱
🔥Bitcoin’s Price Could See a Multi-Month Low:
Bitcoin’s price, at $61,150 at the time of writing, is holding itself above the $60,000 mark. While many feared that the market’s uncertainty could have pulled it below this level, they missed the bigger picture.
BTC on the weekly chart can be seen forming a double-top pattern. This macro bearish pattern signals that the asset may be set for a downward trend. Bitcoin’s price can be seen breaking below the neckline at $61,483.
This breakdown might find some support at $58,874, but the pattern suggests a much larger decline. The target price is set 17% below the neckline at $50,982, which would result in a four-month low for BTC.
The possibility of this happening is rather strong, considering the “sell in May and go away” notion continues to impact spot BTC ETF inflows. Combining this with the volatility of the crypto market, a drawdown is very possible.
However, Bitcoin’s price could also bounce back from $60,000 or $58,847 to invalidate the bearish thesis. This would be confirmed once $62,000 is reclaimed as support.
Arbitrum Could See a New All-Time Low
Arbitrum’s price decline is expected, but the threat of a new all-time low is alarming. ARB, the second-largest Layer-2 token behind Polygon (MATIC), has seen its demand dwindle significantly in recent weeks, leading to a massive price drop. Since early March, it has fallen by over 60% to $0.799, forming a head and shoulders pattern.
A head-and-shoulders pattern is a bearish reversal chart pattern with three peaks — a higher middle peak (the head) flanked by two lower peaks (the shoulders). Once the neckline is broken, it indicates a potential trend reversal from bullish to bearish.
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