Bitcoin price lost $62,500 again and is hovering around $62,500 as of this writing. Altcoins have paused their rise. So why are experts expecting a rise in cryptocurrencies this month? What excites them? Let’s look at the current data and predictions. Here are the details.
Cryptocurrency Predictions for July
Despite not surpassing the $64,000 resistance, many experts expect a rise in cryptocurrencies in July. BTC, which has been stuck in a range for months, caused up to 50% drops in many altcoins in the last few weeks. Cryptocurrency analyst Rekt Capital wrote the following in his latest market assessment:
“Bitcoin continued its upward trend. Over time, it is trying to build a base from which it can jump to the Range High region from ~$71,500.”
Daan Crypto Trades looked at the dollar’s liquidity trends. This is extremely important for risk markets, including crypto.
“In this range, BTC price mostly moved parallel to USD Liquidity. At the end of the quarter, we saw a big drop turn into a nice rise as we entered the new quarter. Liquidity has moved very little this year, but both BTC and Stocks highlight the future expansion of USD liquidity.”
Bitcoin Predictions for July
Cole Garner is the third major cryptocurrency analyst expecting a rise, and he also looks at the Fed’s net liquidity change rate. Speaking of the Fed, today’s JOLTS data was above expectations, and the importance of the data coming on Friday has increased.
“The largest Fed Net Liquidity change rate increase in 15 months. When this last happened, bitcoin rose ~40% in a week. I don’t think it will repeat, but people love to see it.”
The last market commentator, Matthew Hyland, looked at Bitcoin (BTC) on the weekly chart. Bollinger Bands are narrowing to levels seen only a few times in Bitcoin’s history, which could signal a major breakout.
We are in an environment similar to the one where BTC experienced breakouts and rises in the past. But time will tell if the past will repeat itself. Because MTGOX sales and governments starting to deplete BTC reserves negatively affect investors‘ appetite.
