In recent weeks, the Bitcoin (BTC) market has showcased its resilience, maintaining a support level of approximately $30,000. Since entering a consolidation phase last month, BTC has seen fluctuations in price, including a recent surge that drove it to this year’s high.
However, the current bullish outlook might face a temporary setback due to an altcoin rally sparked by the XRP case last week.
Optimistic Predictions
Renowned macro crypto trader and economist, MikyBull Crypto, remains highly optimistic about Bitcoin’s future. This expert analyst foresees a potential breakout from the ongoing consolidation range, propelling BTC towards the $35,000 mark in the coming weeks. However, MikyBull Crypto emphasizes that the bullish outlook could be invalidated if the bears successfully breach the lower border of the consolidation range.
Expect a Healthy Correction
Despite the looming threat of a bearish sentiment, MikyBull Crypto believes that any potential downturn would likely be a healthy correction rather than a prolonged slump. The analyst expects the bullish momentum to regain its strength after this temporary setback, reinforcing the positive trajectory of Bitcoin.
Read More: Michael Saylor Reveals How Bitcoin (BTC) Price Will Hit $1 Million
Altcoin Market is Picking Pace!
In the grand scheme of things, Bitcoin’s dominance is now being challenged by the surging altcoin market, especially after the conclusion of the SEC vs. Ripple case, which concerned XRP sales. Many crypto analysts and market experts agree that Bitcoin’s price will continue to consolidate below its all-time high in the coming quarters. Nevertheless, a significant bull market, fueled by institutional investors, is anticipated to be triggered by next year’s halving event.
Related: SEC vs Ripple Ruling Predicted to Have Three-Year Impact, Deaton Forecasts
Amidst the ongoing consolidation and altcoin surge, experts and analysts like MikyBull Crypto stand firmly with a bullish stance on Bitcoin’s future trajectory. While short-term fluctuations are expected, the long-term prospects for BTC remain incredibly promising, especially as institutional interest continues to grow.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-might-hit-35k-by-end-of-july-heres-why/