Bitcoin July Forecast Bull Market Continues Anticipate Price Doubling Soon
The cryptocurrency market, specifically Bitcoin, has sparked anxiety among investors due to its volatile nature and unexpected price fluctuations in June. This raises the question: What can we anticipate for the month of July? Is it historically a bullish or bearish month? Additionally, when and where can we expect this bull run to conclude? Timing is crucial in the market, as always.
During an episode of Crypto Banter’s Kyle Doops Trading Show, an analyst noted a minor pullback on the daily chart as Bitcoin approached the weekly close on the CME exchange. As we approach the June closes for Bitcoin and Ethereum, it is essential to examine the historical performance of July. The analyst revealed that July has generally been a bullish month, with seven out of eleven months ending positively. If June ends on a positive note, we can expect continued growth in July.
In previous cycles, Bitcoin has experienced months of continuous upward movement after breaking its all-time highs following a halving event. For instance, after the halving in 2017, Bitcoin witnessed approximately eight months of growth before reaching the peak of that cycle. Similarly, the 2017 cycle demonstrated significant gains for nine months after surpassing previous highs.
In the current 2021 cycle, Bitcoin broke its all-time highs, experienced three months of growth, a pullback, and ultimately reached a final peak after ten months. This pattern suggests a period of 8-10 months of growth following the breakthrough of all-time highs.
However, it is important to note that we have not yet seen a candle close at all-time highs post-halving. If this occurs in July, we could potentially witness growth until March or May 2025. Alternatively, if we consider a scenario with diminishing returns and a shorter period of growth, we might observe significant movement until January or February 2025.
Analyzing the timing cycle from the first peak in the 2021 cycle, there is a possibility that this bull run could continue until February or March 2025. Based on these analyses, the analyst suggests that we should expect continued growth for the remainder of this year. The bull run is far from over. Simple technical analysis, such as the bull flag pattern, indicates further upward movement. If a significant measured move occurs, Bitcoin could reach the range of $100,000 to $120,000, doubling its current price of approximately $60,000.
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