Following a recent surge that took Bitcoin to a new all-time high, it might currently be settling into a brief consolidation phase, though another rise before the end of July is still a possibility, according to Michael Harvey, a trading manager at Galaxy Digital.
Harvey mentioned, “I see the current price adjustment as a base case, particularly with the substantial gatherings and the new peak.”
Bitcoin is Expected to Trend Higher by Late 2025
“I anticipate BTC will remain elevated through the year, yet a pause here seems quite plausible due to the current environment,” Harvey noted:
“The best-case scenario for BTC is a gradual increase until the end of the month.”
He pointed out that attaining new heights by month’s end represents an optimistic outlook, hinging on a consistent inflow of U.S.-based Bitcoin Exchange-Traded Funds (ETFs).
There’s been a recent robust influx in spot Bitcoin ETFs, and demand from Bitcoin Treasury firms keeps rising. However, there’s ongoing debate about retail demand levels. Coinbase’s recent jump to No. 137 on the U.S. Apple App Store is noticeable, but surprisingly low Google search volumes for “Bitcoin” indicate that widespread retail interest has yet to take off.
As of the latest updates, Bitcoin had dipped to $118,098 after previously reaching a peak of $122,884 on Monday, according to data.
Worst-Case Scenario for Bitcoin Stands Below $110,000
On a more cautious note, Harvey outlined what could be a troubling scenario for Bitcoin, with potential price drops below $110,000.
“The bear case involves a risk-averse shift driven by profit-taking and/or inherent weaknesses in the stock market. A retreat of 5-10% seems feasible,” he explained.
Prior to Bitcoin surpassing its historic high of $112,000 on July 9, analyst Rekt Capital had warned of limited price expansion in the ongoing cycle, especially if it mirrors the trend from 2020.
Following that 2020 pattern, Rekt suggested the market could peak in October, about 550 days after Bitcoin’s halving in April 2024.
