This Wednesday, July 5, the most famous crypto in the world is listed on $30,281.67 after falling 2.2% in the last 24 hours. In July 2023, Bitcoin is in a promising position according to the predictions of various experts in cryptocurrencies. Dmitry Noskov, from the exchange StormGainsuggests that BTC is likely to see a continued rise during the month.
Noskov predicts that the price of the cryptocurrency You can reach levels of $32,000 to $33,000, and then quickly move up until you reach the level $35,000 psychological. This optimistic perspective is based on the reinforcement of regulatory control about altcoins in the United Stateswhich supports the positive dynamics of Bitcoin.
the posture of the US Securities and Exchange Commission (SEC) about Bitcoin it is also a factor that favors cryptocurrency. The SEC considers BTC to be a commodity, which prevents it from being included in the blacklist of cryptos recognized as illegally issued securities. This regulatory protection provides a safer environment for the largest digital asset by market capitalization.
Gracy Chen, CEO of Bitgetshares the opinion that Bitcoin has the potential to reach levels of US$34,000 to US$35,000 during July. Chen also points out that even the US Federal Reserve’s plans to raise interest rates they will not hinder the positive dynamics of Bitcoin.
Bitcoin and performance in July
“Bitcoin is at the key moment. Attacking the strong resistance of $ 31,000. If it breaks above the following barriers are, in this order lthe u$s36,000 and the u$s48,000. But, let’s not forget that the BTC has outstanding accounts in the US$22,000 and US$20,000. Beware of Flash-Crash, vertical price falls. July is presented as an exciting month, historically it is a good month for cryptocurrencies”comment James Maximiliananalyst of bitget.
The crypto market is very volatile, as Maximiliano well remembers, “one day everyone thinks that he is going down and other days that he has no roof”. With these own doubts that the price is in resistance, the month of July begins, “good month historically in terms of profitability for Bitcoin”, writes the analyst in Bitget’s Weekly and Intraday Technical Analysis.
“The situation is clear, we are in an important zone resistance at US$31,000. But there are already several attacks. So the key moment has arrived. If it breaks above with force, the bulls (bullish positions) will take control and the FOMO (Fear of missing out, whose translation into Spanish is ‘fear of losing something’), could seize the market in a way rarely seen before”, maintains the expert.
Bitcoin: factors that could play against
Some factors that could trigger a crucial correction in the price of Bitcoin and its subsequent decline to $20,000 are the problems ofPrime Trust cryptocurrency custody broker.
At the end of June 2023, it was revealed that the companya had lost access to their old wallets and had used client assets to buy back cryptocurrency. Also, the massive influx of Bitcoin to cryptocurrency exchanges historically it has preceded market corrections.
In summary, the predictions for July 2023 indicate that Bitcoin has the potential to both continue to rise to significant levels and face major corrections. The outlook for Bitcoin in that month will depend on several factors, including regulation, the position of regulators and specific events that affect the cryptocurrency market.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
