Key Takeaways
- Bitcoin’s price reclaims the key zone of $109,000 as it attempts a major breakout to all-time highs.
- Bitcoin’s monthly close is above $106,000 for the first time in months, with July looking strong.
- BTC’s price prediction for July receives a significant speculative boost towards $120,000 following the recent rally.
Bitcoin’s price has been trading in a range for the past six months, as traders and investors anticipate a potential price breakout towards a high of $120,000. Despite a delayed rally, crypto experts believe the price of Bitcoin remains bullish, setting the stage for a potential surge to new all-time highs.
Following its monthly close above $100,000, the price of Bitcoin marked a strong monthly close for the first time in weeks, accompanied by strong bullish price action, thereby reclaiming a high of $109,000.
Related Read – Bitcoin at $100k but Market Feels Off – Crypto Expert Explains
The current bullish price action from BTC has also sparked renewed confidence among investors and traders in the last few hours, as the price could repeat its strong historical rally from July. The month of July has consistently been a strong bullish period for BTC.
Bitcoin Bullish On-Chain Sentiment
Following a prolonged price range for months, the price of Bitcoin has exhibited a strong bullish breakout above the $108,500 range, where the price had faced strong rejection in previous weeks, leading to multiple price rejections towards a lower price point.
This series of rejections has formed a clear bull flag, with the price breaking out, which could see Bitcoin attempt its previous all-time highs. CryptoCaesar, a technical analyst, has based his analysis on a potential Bitcoin price breakout.
Bitcoin’s price potentially broke out based on his analysis, and he has speculated a strong price rally towards $115,000 to $120,000 in the coming days, as the price looks strong for a rally.
Additionally, Zerohedge, a crypto analyst, has also hinted at bullish price action for BTC based on its M2 liquidity indicator, as Bitcoin’s price follows the price action with strong price speculation towards a high of $200,000.
Although this price prediction appears high for July, there is strong potential for BTC to reach a high of $120,000 in the coming weeks if the price breaks above its current high of $115,000, trading above its previous all-time highs, with institutional interest in its price increasing.
Why Is Bitcoin Price Up Today
Source – BTC 4H Price Chart From TradingView
The price of Bitcoin remains strong above $106,000 after forming a strong monthly close and open above this zone, as the BTC price continues its rally towards a new all-time high. With the price currently trading above $109,000, we could see BTC aim for new highs in the coming days.
Bitcoin’s price prediction for July remains strong, with speculation suggesting a potential $120,000 by the end of the month, as July has historically been a strong month for BTC.
