With an incredible move in the past hours, the Bitcoin price surpassed the $ 65,000 level for the first time since June 21. When this price movement was last seen, the Bitcoin price was falling and the rise created great excitement. Although the price retreated a little later, the news of the 100% interest rate cut coming from FedWatch and pointing to September is thought to have a great impact on market movements. In the midst of all this, a market analyst attracted attention by making important statements.
Future of Bitcoin
One of the well-known analysts of the cryptocurrency world stated that Bitcoin (BTC) is at an important threshold before a massive rise in 2025 that will end the current cycle. Cryptocurrency analyst Jason Pizzino stated in his YouTube video that Bitcoin made a break from the downward trend on its monthly chart.
I'm looking at the monthly chart right now. If Bitcoin can close above the open in the next half of this month, in July, with the open at $62,700, this will put July in the green and you will see some of the previous resistance potentially turn into support and a nice retracement bar will likely occur on a monthly candle or bar... If there is a nice retracement over the next 16,17 days, this would be another strong sign that $53,500 is likely the low for this correction. Thus, the next stage of the cycle is started.
The analyst then shared his next chart with his followers, where he examined the total crypto market value with the help of Elliott Wave theory. According to the theory used by the analyst, upward price movements generally occur in five main waves. He stated that while the fourth leg of the process has the potential to contain a correction, the fifth leg may reveal a movement that can literally reach new heights.
According to the analyst, the value of the total crypto market may reach more than $ 4.4 trillion by April 2025, which he shared in the chart below.
Looking at the fifth wave... here we are looking at the Elliott wave and the fourth wave potentially ending with the low from about 10 days ago.
How Many Dollars Is Bitcoin?
Bitcoin experienced some withdrawal after exceeding $ 65,000 in the past hours. Following the withdrawal, as of writing time, the BTC price continues to find buyers at $64,371 after an increase of just over 1% in the last 24 hours.
While BTC's market volume continues to remain just below $1.27 trillion, looking at the 24-hour trading volume, it is seen that it is at $42.7 billion after a 29% increase. It remains a matter of curiosity what impact investor interest and news from the market may have on BTC.
