Bitcoin Price Prediction: Will BTC Hit $70,000 by July 2024?

Bitcoin started the week on a positive note, surging by 5% within a single day to hit the $63,700 mark on July 1. This upward movement has been fueled by increasing accumulation among bullish traders, hinting at the potential for further gains in the near future.

The global cryptocurrency market witnessed significant volatility throughout June 2024. Despite active buying interest, various bearish events, such as the US Federal Reserve’s decision against cutting interest rates in the first half of 2024 and delays in the launch of Ethereum ETFs, hindered sustained upward momentum in the market during the month.

Closing June 2024 with losses exceeding 16%, Bitcoin saw a decline from $67,800 on June 1 to a drop towards $60,600 on June 30. However, the beginning of July brought promising signs of an extended bullish phase for BTC.

Analyzing the performance in June 2024, Bitcoin experienced a negative growth of 12.15%. Nevertheless, over the past 48 hours, bullish momentum has resurged, leading to a strong start in July. The current BTC price has risen by 5% to reach $62,800 at the time of writing on Tuesday, July 2, reflecting three consecutive positive price candles and potentially signaling a shift in short-term market sentiment.

Beyond the immediate price movements, on-chain data suggests that the ongoing resurgence of Bitcoin is underpinned by sustained bullish activity among institutional investors.

In the recent period since June 30, Bitcoin has seen a 5% increase in price, reaching around $62,800 by Tuesday, July 2. This upward trajectory is highlighted in the Fibonacci retracement chart, offering valuable insights into potential future price actions by identifying crucial support and resistance levels.

The Fibonacci extension levels pinpoint a significant resistance zone for Bitcoin between $64,000 and $65,000, which presents a key hurdle for further upward movement. A successful breach above this range could pave the way for a retest of the next major resistance area, spanning from $68,000 to $70,000, representing not only a significant Fibonacci level but also a psychological barrier for bullish investors eyeing targets in July.

On the support side, Bitcoin finds substantial backing near the $60,000 level, historically serving as a pivotal support level during bearish phases. The Fibonacci chart reinforces the importance of this level, indicating its potential role as a critical floor in the event of selling pressure. Additionally, further support is identified around the $58,000 mark, adding another layer of defense against potential downturns.

With the current market dynamics and institutional investor support, Bitcoin seems well-positioned to sustain its bullish momentum. A breakthrough above the $64,000 to $65,000 resistance range could set the stage for a retest of the $70,000 level in July.