According to Ryan Lee, the performance of Bitcoin and Ethereum in July was supported by increased liquidity and the rise in stablecoins, while Mt. Gox redemptions and ETH spot ETFs could lead to significant market impacts.
Bitget's research analyst Ryan Lee pointed out the factors that may affect Bitcoin (BTC) and Ethereum (ETH) prices in July and shared their estimated price ranges.
Lee stated that the US Federal Reserve's (FED) net liquidity index has provided $400 billion in liquidity since the end of June and exceeded $6.5 trillion in total. He pointed out that this situation, together with the expectations of future interest rate cuts, increased market liquidity and supported the general upward trend of the crypto market.
Emphasizing that the total market value of stablecoins increased from 160 billion dollars to 162 billion dollars in June, Lee stated that this situation shows the inflow of capital into the market. Also, in July Mt. Reminding that Gox will start Bitcoin (BTC) and Bitcoin Cash (BCH) refunds, he stated that this situation may increase sales pressure concerns in the market.
Emphasizing that there is an upward trend in Ethereum, the analyst stated that one of the important developments that may affect the Ethereum price is the SEC's approval of the 19b-4 application. Additionally, Fidelity stated that 21Shares and Grayscale have filed revised ETH spot ETF S-1 forms with the SEC, and the ETH ETF is expected to be officially launched in the US capital market in July. He predicted that this situation could encourage traditional funds to buy ETH directly and create a positive uptrend for Ethereum.
Finally, the analyst predicted in July that Bitcoin's price range could be between $53,000 and $73,000, while Ethereum's price range could be between $2,600 and $4,500. He also stated that the ETH/BTC parity may show an upward recovery.
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