The crypto community has been having some fun predicting the next moves of Bitcoin due to its prolonged stagnation. So, let’s take a closer look at their expectations.
Reviewing Bitcoin’s current position
As of the time of writing, Bitcoin has been moving sideways for 19 days after experiencing around 25% growth in June.
Sideways movement, also known as flat or stagnation period, refers to when the coin’s price remains at the same levels for a while without significant upward or downward movements. It moves neither up nor down, but sideways.
The vertical line represents Bitcoin’s growth in June, while the horizontal line is the subsequent sideways movement.
With 290 days left until the Bitcoin halving, it is worth noting that stagnation during this stage of the cycle is quite normal, as observed in previous cycles.
Bitcoin movement after halvings: first (orange curve), second (pink), third (blue), fourth (green). The green curve represents the current cycle.
Learn more about the halving influence on BTC and cryptocurrency stages in each cycle.
Long sideways are boring, so that is why even minor market fluctuations become the subject of attention and memes.
To understand if Bitcoin has the potential to grow or fall in the near future, we gathered predictions from popular market participants’—influencers, traders, and analysts.
Bitcoin price predictions from crypto community members
Popular crypto blogger @CryptoGodJohn believes that soon BTC will drop below $30,000. He bases his Bitcoin forecast on his observations that a liquidity zone has formed around $28,800.
A liquidity zone in trading refers to certain price levels, such as $27,000 to $28,000, where a significant number of buy or sell orders are concentrated. Those orders are believed to impact the coin’s price.
BTC chart by @CryptoGodJohn. The horizontal blue line indicates the estimated liquidity zone that the cryptocurrency may strive for.
Trader @DaanCrypto also supports the prediction of decline in Bitcoin’s price to $29,000 in mid-July. However, if the cryptocurrency fails to reach that level, @DaanCrypto expects a recovery followed by a movement towards new local highs by the end of the month. The current local high is $31,500 (July 6, 2023).
Bitcoin Prediction by @DaanCrypto. The horizontal lines are support levels—the levels cryptocurrency uses to repel.
The inventor of the Stock-to-Flow (S2F) BTC prediction model and popular crypto blogger PlanB also anticipate a new local maximum for the cryptocurrency by the end of the month. According to PlanB’s forecast, BTC will close July near $31,800.
PlanB’s prediction.
Analyst @inmortalcrypto shares a similar opinion, suggesting a temporary drop below $30,000 and a further recovery to update the local high by the end of the month.
Bitcoin prediction by @inmortalcrypto. The curved line is the expected cryptocurrency trajectory.
Overall, it turns out that members of the crypto community do not expect serious movements in Bitcoin’s price in the near future. Many foresee prerequisites for a slight correction (decrease) followed by a recovery to current levels, with the possibility of a local high being reached by the end of July.
🤔 Where are your predictions for Bitcoin’s price movements?
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Please note that this material does not constitute investment advice. The financial and other transactions mentioned in the article are not guidance for action. Itez is not responsible for any possible risks. Cryptocurrency is a high-risk asset, and operations involving it can lead to financial losses. Users should conduct independent analysis to make informed decisions regarding cryptocurrency and/or tokens.
