Is Bitcoin a Buy Now? Expert Forecasts July Price Surge

Published by

Vignesh S G

July 4, 2024

As Bitcoin’s price tumble makes headlines, a crypto analyst has offered a glimmer of hope for the future of the cryptocurrency. This insight is sparking optimism among Bitcoin traders and investors alike.

As of this writing, Bitcoin is trading at $58,857. The daily chart reveals three consecutive red candlesticks, signaling growing selling pressure. Over the past week, Bitcoin’s value has declined by approximately 3.6%, down from $60,315 on June 28. The cryptocurrency has experienced a more significant dip of 14.7% over the last 30 days, with its price peaking at $71,095 on June 5. In the past 24 hours alone, Bitcoin has dropped 4.5%, closing the previous day at around $60,135.

The critical question now is whether Bitcoin will fall below the $58,000 threshold.

There’s Still a Glimmer of Hope

Captain Faibik, a well-regarded crypto expert, has shared a hopeful outlook in a recent X post. He suggests that if Bitcoin’s current support level of $58,000 holds, a rebound could be imminent. Faibik’s optimistic analysis includes a bold prediction: Bitcoin could reach $70,000 by the end of July.

A Look Back at Last Year’s July

For context, July of the previous year saw Bitcoin in a sideways market, oscillating between $31,470 and $29,150. The one-day chart for July 2023 displayed minimal red and green candlesticks, reflecting a tight battle between buyers and sellers.

The expert’s analysis suggests that Bitcoin traders who remain patient and confident in the market’s potential recovery may see significant benefits. With a cautious yet hopeful approach, there’s reason to believe in a potential rebound in Bitcoin’s price.

This analyst is bullish, but is the market ready to turn around?

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.