Bitcoin seems poised for a “liquidity chase” up to $35,000, though not all are optimistic about sustained BTC price gains beyond July.
Bitcoin (BTC $30,683) has witnessed a 12% surge in June, but a prediction indicates that the bullish season may soon be over.
In a tweet on July 1, renowned trader CryptoBullet conceded that July may not provide much further BTC price growth.
Trader: BTC price surge “likely” to conclude this month
Despite a last-minute plunge due to a global news incident, Bitcoin was able to finish June in a stable state.
Data from Cointelegraph Markets Pro, TradingView, and CoinGlass validates that June closed at $30,465 on Bitstamp.
This level continues to hold steady into the weekend, marking Bitcoin’s best June performance since 2019.
Historically, July paints a better picture; Bitcoin’s price action has never depreciated more than 10% during the month.
However, for CryptoBullet, “common sense” suggests that BTC/USD should slide beneath some crucial moving averages.
“So, June surprised me. We witnessed a rather bullish monthly close: BTC tested the MA50, had a strong bounce back and regained the EMA21!” he said regarding the monthly chart.
“I can echo what I’ve said: $BTC could reach 35k (to hunt liquidity), but this medium-term bullish rally is drawing to a close. Likely this month.”
The idea of hunting for liquidity in the low $30,000 area continues to be a popular hypothesis for price progression.
Among those monitoring it is the trading platform DecenTrader, which highlighted the leveraged short positions leaning towards $35,000 this week.
Clash of the monthly Bitcoin charts
Meanwhile, a generally positive Rekt Capital is eager for what he termed a “healthy technical retest” of sub-$30,000 levels for Bitcoin, despite the monthly closing.
“BTC has achieved a bullish monthly close but is primed for a healthy technical retest at ~$29250,” he informed his Twitter audience on the day.
“With the current price around $30500… I’m curious about what negative catalyst will soon emerge to facilitate this technical retest.”
Additional analyses also proposed that even if the BTC price were to break below that lower target, it wouldn’t be considered “out of the ordinary.”
“Well positioned for upside overall,” Rekt Capital concluded.