The Bitcoin (BTC) market is about to close a six-month candlestick in a bullish outlook after sustaining huge losses in last year’s crypto bear market. If the bullish sentiment continues in the next few hours leading to July, the Bitcoin market will have two consecutive 3-month green candlesticks.
Historically, the Bitcoin macro bull market has been triggered by a six-month close in the green. With Bitcoin halving event less than a year away, experts agree the increased institutional crypto demand will fuel a rising trend in the coming quarters.
Bitcoin Analysis Towards $40k
Having revisited a critical resistance level around $31k on Friday, Bitcoin price is most probably headed towards $40 in the coming months. According to a popular analyst Jason Pizzino, if Bitcoin closes June above $30k, then a new macro bull market will be triggered. In this regard, the analyst argued that Bitcoin price is likely to rally further since it has had 70 percent bullish closes in July for the past decade.
In the short term, the analyst argued that Bitcoin is likely to retrace below $29k. Moreover, there is a possible double top and the daily RSI has shown a falling divergence, which is a major recipe for market reversals.
With top altcoins like Litecoin (LTC), Solana (SOL), and Bitcoin Cash (BCH) registering double digits percentage gains in the past 24 hours, Bitcoin’s dominance dropped by 1 percent on Friday toward 51.75 percent. Bitcoin dominance is, however, less likely to fall further if the underlying value rises beyond $31k.
Source: https://coinpedia.org/price-analysis/will-bitcoin-btc-price-hit-40k-in-july-heres-what-analyst-has-to-say/