Bitcoin has been displaying remarkable strength alongside other financial markets. However, I anticipate that this trend will soon come to an abrupt end. As the quarter concludes today, it is likely that we will witness significant developments in early July. While July has historically been a bullish month, the current robust performance of both the stock market and the broader crypto market throughout June suggests a potential shift in dynamics. Despite the prevailing sentiment within the community, a pullback appears increasingly probable. While I remain bullish on my long-term holdings, I exercise caution within this volatile environment. My target for upward movement ranges from the mid $30k's to potentially $40k.
In my analysis, I have identified August 5 as a pivotal moment in the market. However, the pace at which we are progressing upward is surpassing my initial projections, indicating that the momentum may also subside earlier than anticipated.
From a technical perspective, we can observe a consolidation of price action near the yellow resistance level on the chart. Despite this, there are indications of strength, suggesting that our next upside target could be approximately $33,500 if the current momentum persists. We can't further project targets to the upside until we observe what happens at that junction.
For valuable insights into market dynamics, it is essential to monitor Bitcoin dominance. Any notable shifts in Bitcoin dominance may signal the emergence of altcoins and their potential dominance. Additionally, keep a close watch on Litecoin, as its upcoming halving event in a few weeks could introduce intriguing opportunities.
In my analysis, I have identified August 5 as a pivotal moment in the market. However, the pace at which we are progressing upward is surpassing my initial projections, indicating that the momentum may also subside earlier than anticipated.
From a technical perspective, we can observe a consolidation of price action near the yellow resistance level on the chart. Despite this, there are indications of strength, suggesting that our next upside target could be approximately $33,500 if the current momentum persists. We can't further project targets to the upside until we observe what happens at that junction.
For valuable insights into market dynamics, it is essential to monitor Bitcoin dominance. Any notable shifts in Bitcoin dominance may signal the emergence of altcoins and their potential dominance. Additionally, keep a close watch on Litecoin, as its upcoming halving event in a few weeks could introduce intriguing opportunities.