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June was a bad month, and July has not yet delivered the desired results. The tedious atmosphere that has persisted for months has not ended. While not surprising for the summer months, investors missing the gains of the first quarter and those hesitant to enter crypto are obstacles to ending the dull days. So, what are the reasons different crypto analysts have for a rise?
Why Will Cryptocurrencies Rise?
BTC was lingering at $63,700 at the time of writing, and this is not good for altcoins. If closures below $64,000 continue, deeper dips await altcoins. According to crypto analyst Trader Tardigrade, the technical setup indicates that the BTC price is advancing to $74,000.
“Bitcoin’s next target: $74,000. BTC formed a Tight Bull Flag on the daily chart. The measurement target from the flagpole is $74,000.”
Bull flags are a technical setup that heralds further upward movement following two rallies separated by a short pullback period. However, according to Glassnode’s co-founder Yann Allemann, also known as Negentropic, the ATH target for BTC is not that easy. According to Negentropic, the movement targeting $74,000 can only be confirmed if $69,000 is reclaimed.
“Bitcoin has risen ~21% since the lowest point on Friday, July 5. Various technical levels have broken in favor of the bulls… Now we are looking at the next possible level before $69K and then $74K. We continue to rise!”
Bitcoin and the $65,000 Resistance
The resistance that could not be overcome recently triggered a new drop to $63,333, and BTC has still not reclaimed $64,000. The importance of the $65,000 resistance is increasing over time. On the other hand, although BTC saw a net inflow of nearly $2 billion in the ETF channel, this was not as supportive for the spot price as expected.
Rektcapital argues that the market is not yet ready for a successful attempt at $65,000. As long as $65,000 is not taken as support, altcoin investors remain cautious, and they are not wrong.
Finally, according to Dune data, US BTC ETFs have reached a reserve of 891,000 BTC. This is a very good detail for the long term.
