The cryptocurrency market, especially Bitcoin, has everyone on edge due to June’s volatility and unexpected price swings. The key question is, what comes next? Where will we be heading into July? Historically, is July a bullish or bearish month? Moreover, when and where can we expect this bull run to conclude? Timing is always more critical in the market.
On Crypto Banter’s Kyle Doops Trading Show, the analyst said that on the daily chart, there has been a minor pullback heading into the CME weekly close for Bitcoin. With the upcoming Bitcoin and Ethereum June closes, it’s essential to look at July’s historical performance. He said that July has generally been bullish, with seven green months and four red ones historically. If June closes positively, July may see continued growth.
In past cycles, after breaking all-time highs post-halving, Bitcoin experienced several months of continuous upward movement. For example, after the 2017 halving, Bitcoin saw about eight months of growth before reaching the cycle top. Similarly, the 2017 cycle showed significant gains for nine months after breaking previous highs.
In the 2021 cycle, Bitcoin broke all-time highs, saw three months of growth, a pullback, and then a final top after 10 months. This pattern suggests an 8-10 month period of growth after breaking all-time highs.
Currently, we haven’t closed a candle at all-time highs post-halving yet. If this happens in July, we could see growth until March to May 2025. If we consider a scenario with diminishing returns, a shorter period of growth, we might see significant movement until January or February 2025.
Looking at the timing cycle from the first top in the 2021 cycle, there is a potential continuation of this bull run into February or March 2025. Given these analyses, he said that one should expect continued growth for the rest of this year. The bull run isn’t over. Simple technical analysis, like the bull flag pattern, suggests further upward movement. A significant measured move could see Bitcoin reaching the $100,000 to $120,000 range, doubling from its current price around $60,000.