The king cryptocurrency continues to experience volatility, with the risk of a drop to $50,980. The risk of a sell-off in July also increases investors‘ concerns. So, what awaits investors in the new month for various altcoins? Let’s take a look at the latest predictions and comments. At the time of writing, the Bitcoin price is at $61,500.
What Will Be the Bitcoin Price?
BTC has tested the $60,000 support multiple times and still hasn’t fully moved away from it. The several-week-long decline series, which has been devastating for altcoins, has created significant lows. There is an even more notable detail for BTC on the weekly chart. A double top formation is becoming evident, indicating a downward trend.
Moreover, unlike previous attempts, it poses a higher risk of loss. If Bitcoin’s price continues to stay below the neckline at $61,483, it will seek support at $58,874. The formation’s bottom target is $50,982. This figure is the lowest in the last four months.
Another risk is the “Sell in May and go away” motto, which started in May. This psychology, which also affects BTC ETF inflows, could make July even more unpleasant.
Arbitrum (ARB)
One of the largest Ethereum scaling solutions, network activity is very strong, but the token price lags far behind its competitors. ARB, the second-largest Layer-2 token after Polygon (MATIC), has been melting for weeks. Token demand is weak, and the declines since early March have reached 60%. The price has fallen to $0.79, forming a head and shoulders pattern.
Here too, a downward formation is becoming evident, and if $0.739 cannot be maintained as support, sales may continue to determine a new all-time low. The negative scenario for BTC needs to reverse unexpectedly. Amid billions of dollars in sales and liquidations, bulls experienced destruction similar to the tough days of bear markets during an upward trend.
NFT
Overall, there may be activity in NFTs in July. Volumes have dropped by 81% in the last three months, falling to $7.9 million. The lack of innovation in this area has quickly led to a loss of interest. We saw a similar scenario in Metaverse altcoins. If the weakness continues, there could be new lows in popular NFT collections.
