Is Bitcoin a Buy Now? Expert Forecasts July Price Surge

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.

Read Also: Why Crypto Market is Down Today? Here Are Top 5 Reasons

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