Bitcoin Monthly Forecast: July 2024 (Chart)
Date
6/30/2024 2:35:35 PM
(MENAFN- Daily Forex)
bitcoin has been rather negative during the month of June, but we are currently testing a major support level as we are closing out the month, it is very likely that we could see a bounce from here as the market continues to see a lot of interest at a couple of major levels. Ultimately, this is a market that continues to pay close attention to the $60,000 level, and even though we have pierced that level couple of times over the last couple of months, it looks like traders are willing to get very aggressive to the upside any time we attack it.
It is because of this that I believe that Bitcoin market will continue to see buyers, and I think that short-term dips continue to offer buying opportunities. I think that this market could reach the $67,000 level sometime during the month of July, but it seems like markets in general are just choppy and sloppy to say the least. In general, this is a market that I think will continue to be noisy, which will be any different to any other market that I follow at this point.
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If we do break down below the $57,500 level, the market could really start to fall apart and go looking toward the $52,000 level, where we have seen a lot of noise in the past and now are starting to see the 50-We EMA come into the picture, perhaps offering a bit of technical support. Either way, this is a market that I have no interest in shorting, and I do believe that longer-term traders will continue to jump into the market, but now we are in the midst of trying to consolidate and work off 92% gains in just 6 weeks for short months ago. After all, this is now a Wall Street asset, and therefore volatility will be squashed. I believe that Bitcoin will start to act more or less like an index going forward, so it will have a proclivity to go higher, but it doesn't necessarily go straight up in the air very often.
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