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In July 2024, Bitcoin BTC $78,355.54 Bitcoin -1.77% Market capitalization $1.57 trillion VOL. 24 hours $1.42 billion may start a new strong growth, according to BeInCrypto analysts. Historical data, a positive technical picture, and high investor optimism create the prerequisites for a possible bullish wave. At the time of publication, the price of BTC exceeds $ 106,000, which is almost 50% more than in April.
Analysts point out that Bitcoin is currently in a consolidation phase within a bull flag, a technical figure that often precedes new growth. Seasonal dynamics also play in favor of the cryptocurrency: July is traditionally a strong month for stock markets and BTC itself, which often correlates with the S&P 500 index. For example, the S&P 500 has generated positive returns every July for the past ten years.
Intra-market and on-chain data indicate that the «shakeout» phase is coming to an end, and the market may move into a new up-trend. Some experts expect not only further growth of Bitcoin, but also the start of a new «alt-season» — but only for selective projects with low capitalization.
However, experts urge not to forget about the risks: macroeconomic factors or unexpected events can quickly change the trend. Therefore, even with a positive outlook, investors are advised to remain cautious and conduct their own analysis.