According to Michael Harvey, Bitcoin is expected to consolidate, signaling potential for investors. The market and institutions are paying attention to current trends.
Possible Bitcoin Consolidation
Michael Harvey, Head of Franchise Trading at Galaxy Digital, predicts that Bitcoin's current movement may mirror previous patterns. With recent ETF inflows, there is a possibility that Bitcoin could reach a peak in July.
> "Consolidation around current prices is my base case given the large rally and new ATH. I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic. I think the best case BTC price into month end is a continued slow melt-up." — Michael Harvey, Head of Franchise Trading, Galaxy Digital.
Increasing Institutional Interest
Institutional interest, reflected by ETF inflows, influences Bitcoin's potential for a new ATH. Market participants are attentive to shifts in treasury allocations.
Retail onboarding has shown an increase, evidenced by Coinbase's rising app store ranking, signaling growing consumer interest despite subdued searches.
Historical Bitcoin Patterns
Historically, Bitcoin consolidates following ATH before potential upward momentum resumes, provided demand remains robust through institutional and retail channels.
Market data highlights resilience, indicating the possibility for another ATH if liquidity influx continues alongside increased investor confidence.
Thus, the expectation of Bitcoin's consolidation is justified, while potential new ATHs depend on further institutional inflows and increasing retail investor interest.
