Bitcoin and Ethereum Price Analysis

After a substantial rebound, Bitcoin enters the new week with optimism, signaling the end of a short-term correction phase and initiating a broader market recovery. The sentiments in early July hint at a potential bull run, supported by underlying bullish gears and price analysis projecting a significant jump of 30% or more during the month.

The question looms whether the latter half of 2024 will kickstart the much-anticipated bull market and the emergence of the altcoin season post-halving. For long-term HODLers and institutional investors hoping for Bitcoin's price to hit $100,000 by 2024 – with the expectation of the sideways trend in Q2 ending soon – the time for action may be upon us.

Let's delve deeper into the price actions of Bitcoin and Ethereum to analyze the cryptocurrency market trends.

Bitcoin Price Performance

June witnessed Bitcoin ending on a bearish note with a 7.12% decline, showcasing a notable lower price rejection. This rejection marked the third successful attempt by buyers to restore the BTC price from the critical $60,000 demand zone.

Presently trading at $63,189, Bitcoin sees an intraday gain of 0.83% during the early Asian market hours. The substantial 80% surge in trading volume within 24 hours strengthens the recent price reversal.

With a 4.75% increase in the last 72 hours and the emergence of a third positive candle, the price surge implies the end of a correction phase for Bitcoin. Additionally, the formation of a triple white soldier candlestick signals high chances of an uptrend.

Bullish Patterns Emerging

Following the accumulation phase at the $60,000 mark, the triple white soldier candle hints at a possible rebound. Moreover, the sideways trend observed in the daily chart over the past four months indicates a bullish pattern awaiting a breakout.

The identification of a strong resistance trendline from the lower price rejection acts as the neckline of an inverted head and shoulder pattern. This, coupled with the historical bull run in early 2024, implies another pattern supporting the potential uptrend.

The integration of the 85% uptrend towards $73,000 with a lateral shift in the trend uncovers a bullish flag pattern. The channel breakout marked by the third reversal within the band increases the likelihood of a bull cycle towards the overhead trendline. Furthermore, the MACD indicator depicts a bullish crossover, further endorsing the upward cycle.

Analysts' Outlook for July

Analytical data on monthly Bitcoin returns reveals a pattern identified by analyst Ali Martinez on Coinglass. Over an 11-year span, historical records show that if June records a drop, Bitcoin prices tend to exhibit a positive trend in July. Notable instances include the years 2013, 2018, 2020, 2021, and 2022, marked by significant jumps such as 24% in 2020 and 20% in 2018.

Potential Price Movements

Given the multitude of bullish patterns in play, the anticipated Bitcoin reversal rally is expected to gather momentum in the coming days. Retail demand may rise, particularly with the reversal around $60,000, fueling the subsequent uptrend.

The flag pattern suggests a potential surge towards the overhead trendline near $70,000, while the inverted head and shoulder pattern indicates a probable breakout rally. As per trend-based Fibonacci levels and breakout predictions, Bitcoin's bull run could target $81,873 or the 61.80% level this month, highlighting the potential for further price escalation.

Ethereum's Outlook

As Bitcoin embarks on a recovery path, Ethereum shows promising signs following its surge from the $3,300 level with a morning star pattern. Within a 48-hour period, Ether's price rose by almost 4%, forming two bullish engulfing candles, indicating a bullish run.

Currently priced at $3,481, Ethereum demonstrates an intraday gain of 1.46%. The monthly price action confirms a morning star pattern at the 61.80% Fibonacci level, hinting at a prospective challenge of the 78.60% level at $3,859 amidst growing bullish sentiments.

As the broader market begins to recover, Ethereum's price trend could reach a new 52-week high. According to Fibonacci levels, the uptrend may extend to $4,617 this month, with an optimistic outlook targeting the $5,000 milestone.

The cryptocurrency market is witnessing positive trends with Bitcoin and Ethereum showing signs of upward momentum and potential price surges in the near future.