Markets
The Biggest Cryptocurrency Predictions for July 2024
The month of July is mainly focused on the potential launch of Ethereum spot ETFs. However, Bitcoin and some other crucial assets have something equally huge ahead of them.
BeInCrypto has compiled what major developments you can expect in the coming month that could impact the cryptocurrency market.
Bitcoin price could hit multi-month low
The price of Bitcoin, at $61,150 at the time of writing, remains above the $60,000 threshold. Many feared that market uncertainty could take it below this level, but they missed the bigger picture.
BTC on the weekly chart can be seen forming a double-top pattern. This bearish macro pattern signals that the asset may be set for a downtrend. Bitcoin price can be seen breaking below the neckline at $61,483.
This breakdown could find support at $58,874, but the pattern suggests a much larger decline. The price target is set 17% below the neckline at $50,982, which would translate into a four-month low for BTC.
The possibility of this happening is quite strong, considering that the “sell in May and walk away” concept continues to impact spot BTC ETF Inflows. Combining this with the volatility of the cryptocurrency market, a decline is very possible.
To know more: Bitcoin Halving History: Everything You Need to Know
Bitcoin Price Analysis. Source: Trading View
However, Bitcoin price could also bounce from $60,000 or $58,847 to invalidate the bearish thesis. This would be confirmed once $62,000 is claimed as support.
Arbitrum could see a new all-time low
Arbitrum prices expected to drop, but threat of a the new historical low is alarming. ARB, the second largest Layer-2 token behind Polygon (MATIC), has seen its demand decline significantly in recent weeks, leading to a massive price drop. Since the beginning of March, it has fallen more than 60% to $0.799, forming a head and shoulders pattern.
A head and shoulders pattern is a bearish reversal chart pattern with three peaks: a higher central peak (the head) flanked by two lower peaks (the shoulders). Once the neck line is broken, it indicates a potential trend reversal from bullish to bearish.
Based on this model, Arbitrum’s target price is forecast at $0. However, this is absurd because ARB is a fundamentally strong asset. The most likely outcome is a new all-time low for ARB, as it currently sits above the current low of $0.739.
Changing market sentiment could accelerate this decline and before the end of July the ARB could see a new ATL.
To know more: Arbitrum (ARB) Price Prediction 2024/2025/2035
On the other hand, if Arbitrum price manages to bounce from $0.739, it may attempt to break above $0.929. A successful attempt could take ARB above $1.00, invalidating the bearish thesis.
NFTs are dying
Non-fungible tokens (NFT) gained prominence in 2022, but their performance has been disappointing since then. Some recovery in activity and demand occurred in the first quarter of this year.
However, this revival appears short-lived. Over the past three months, overall trading volume has plummeted from $38.8 million to $7.9 million, marking a decline of 81%.
To know more: Top 7 NFT Markets You Should Know in 2024
The reason for this decline is twofold. First, the lack of innovation offered in this space has left its demand minimal. Second, there has been an increase in investment options and alternative assets such as real world assets (RWA).
The rise of Artificial Intelligence (AI) tokens has also attracted investors’ attention. Given the growth potential of AI, cryptocurrency investors are more likely to choose it.
As a result, NFT trading volume may decline further as bearish market conditions and the above-mentioned factors strengthen.
Disclaimer
In line with the Trust project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimer They have been updated.