Bitcoin (BTC) gained 12% in June, but one forecast sees the good times for the bulls coming to an end soon.
IN tweet On July 1, popular trader CryptoBullet admitted that July might not offer much more upside for BTC prices.
Trader: BTC price rally ‘likely’ to end this month
Despite a last minute dive thanks to the macro news event, Bitcoin managed to close the month of June in a solid position.
Data from Cointelegraph Markets Pro, TradingView and CoinGlass confirms that the monthly cap came in at $30,465 on Bitstamp.
These levels will continue into the weekend, with last month marking Bitcoin’s best June performance since 2019.
July looks even better by historical standards – BTC price action has never lost more than 10% during this month in its entire history.
However, for CryptoBullet, “common sense” dictates that BTC/USD should fall below some key moving averages.
“So June surprised me. We had quite a bullish monthly conclusion: BTC tested MA50, rebounded strongly and managed to regain EMA21!” commented the monthly chart.
“I can repeat what I said: $BTC may go to 35,000 (to hunt for liquidity), but this medium-term bull rally is coming to an end. Probably this month.”
Nevertheless, the concept of liquidity hunting in the low $30,000 zone remains popular as a theory for price continuation.
Among those watching is trading suite Decentrader, which this week underlined leveraged short positions stacked at $35,000.
This ties in nicely with the massive piece #Bitcoin Liquidity that is loaded up to over $35,000.
If we see cascading short liquidations, a soak to Moonraker resistance at $37,000 could be reasonable. https://t.co/JR4J24Ak8H pic.twitter.com/3CEJQ9bvOI
— Decentrader (@decentrader) June 28, 2023
The Battle of the Monthly Bitcoin Charts
Elsewhere, broadly bullish Rekt Capital was also bullish on what it called a “healthy technical retest” of levels below $30,000 for bitcoin, despite the month-long close.
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“BTC showed a bullish monthly close but is poised for a healthy technical retest at ~$29250,” he said he said Twitter followers per day.
“With the price currently around $30,500… I wonder what negative catalyst will emerge soon to facilitate this technical test.
Further analysis later he argued that even if the price of BTC falls below this bearish target, it would not represent anything “unusual”.
“Overall, it is well positioned for growth,” Rekt Capital added.
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This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.