Bitcoin price prediction: Historical data suggests BTC price may double in July
Recently, the cryptocurrency industry with Bitcoin at its core has been under heavy selling pressure. Although most altcoins have rebounded recently, the cryptocurrency market may face further pullbacks if buyers are unable to regain dominance.
Increase in Bitcoin whale activity
The German government has continued to sell more Bitcoins in recent days, which undoubtedly exacerbated the bearish atmosphere in the market. Although some analysts disagree, Mt. Gox's $9 billion allocation will be a significant blow to buyers. At the same time, the U.S. spot Bitcoin ETF has also experienced significant fund outflows recently.
On-chain data shows that in the past six weeks, approximately 103,000 Bitcoins have been added to the over-the-counter market, with a total value of more than $6.3 billion.
Mid-term BTC price trend analysis
Over the past four months, Bitcoin’s price has fluctuated between $72,000 and $60,000 as on-chain activity increased. From a technical perspective, Bitcoin price may be forming a double top pattern against the US dollar, coupled with bearish divergence on the Relative Strength Index (RSI) on a weekly basis. Bitcoin’s weekly bearish pattern will be confirmed if the flagship currency sustains a close below $60,000 in the coming days.
However, if Bitcoin prices follow its historical pattern, most analysts believe that the asset has established a local bottom and is expected to achieve a market rebound in July. It is worth mentioning that after the volatility in June for the past five years, Bitcoin prices have achieved double-digit rebounds in July.
Additionally, the upcoming listing of an Ethereum spot ETF in the United States is expected to spark bullish sentiment across the industry. As more institutional investors enter the industry, and with the listing of Ethereum spot ETFs, cryptocurrency liquidity is expected to increase significantly.
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