Bitcoin has once again captured the market's attention by hitting a new record of $123K. However, the current state heightens uncertainty among investors.
Return to Records: What to Expect from Bitcoin?
According to Michael Harvey from Galaxy Digital, Bitcoin could reach a new all-time high by the end of July if several favorable conditions align. He describes the optimistic trajectory as a 'slow melt-up' due to ongoing inflows via ETFs and accumulation by treasury firms. Nonetheless, retail interest remains in question, although indicators on Coinbase show a rise in curiosity.
Risks of a Pullback: Conditions for Price Drop
Harvey expresses caution, noting that profit-taking or broader market weakness could pull Bitcoin down 5-10%, putting the $110,000 level at risk. Such a pullback would not end the bull market but signal temporary weakness.
Future of Bitcoin: Peaks on the Horizon
Crypto analyst Rekt Capital suggests that the current cycle may peak in October 2025, which aligns with historical patterns. Bitcoin maintains a market cap of $2.33 trillion, and the recent 18.9% trading volume surge reflects ongoing institutional interest. Data from CryptoQuant also indicates that Bitcoin could rise another 20-25%.
Bitcoin is currently in a wait-and-see phase, and the coming weeks may determine how this bull cycle evolves. Investors are hopeful for further growth or a correction, depending on the influencing factors in the market.
