July 5 trader and analyst Josh Rager shared his thoughts on where bitcoin will go. He thinks that bitcoin has a good chance to continue growing, but he does not rule out the possibility of a deep correction.
Bitcoin pullbacks
The Rager says people are overestimating the possibility of a drop to $25 000. He believes that “rollbacks will not be so deep now,” and bitcoin is more focused on growth. If BTC returns to $25 000, then much later, ending much of the upward momentum.
Source: Twitter
In the meantime, Rager acknowledged that his optimistic forecast would not come true if the Securities and Exchange Commission rejected BlackRock’s application for a spot bitcoin ETF.
“The ETF rejection will cause the bulls a lot of pain, but I think that for this time BlackRock will get the good. I don’t rule out the possibility of a drop below $30 000, but leaning toward a more pronounced rise before a serious pullback.”
In the meantime, I’d like to see a more pronounced rise before a serious pullback.
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The uptrends are likely to materialize if BlackRock gets an approval, which Rager believes is likely to happen closer to August.
The general sentiment in the market supports the optimistic outlook. Fear bitcoin greed index in mid-June went down to 41 -then the SEC filed several lawsuits against well-known U.S. cryptocompanies. However, now its value has returned to the greed zone.
Bitcoin Fear and Greed Index. Source: Alternative.me
In the last two weeks bitcoin hit the resistance level just above $31 000 at least three times. This same area has been holding back the bulls’ onslaught since mid-April.
Prospects for BTC price movement
The bitcoin (BTC) is trading at $30 851 at the time of publication.. The first cryptocurrency almost did not change in price for a day. Since June 21 June, BTC has consolidated above $30 000.
This level acted as the most important support after the collapse of Terra/Luna in June 2022
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This level has acted as critical support since the June 2022 Terra/Luna crash.
In the last month, BTC gained 15%, outperforming Ethereum and most altcoins. However, the main cryptocurrency is still 55% cheaper than its all-time high of November 2021.