Bitcoin Price Outlook for July: Will It Break the $31,000 Barrier?

Bitcoin Trends

The month of July could be a make-or-break period for Bitcoin as it is expected to breach the $31,000 resistance, according to various market analysts. Throughout the first week of July, Bitcoin has held a solid level above $30,000, sparking optimism in the crypto community.

Attacking the resistance of $31,000.

Bitcoin is at a crucial moment, as it is “attacking the strong resistance of $31,000”, which represents its high of the year, according to the market analyst of the Bitget exchange, Jacobo Maximiliano.

Over the last fortnight, Bitcoin has been repeatedly touching the $31,000 mark, indicating significant resistance in that area. If it can break this barrier and stay above it, it could generate a bullish signal for the market.

Upside potential in July.

Historically, July has been a favorable month for Bitcoin in terms of earnings. Based on past data, the price of Bitcoin has experienced losses in only three years since 2013, without breaking negative double-digit numbers.

In most cases, July has been a month of gains, with an increase of more than 20% in 2018 and 2020. This historical trend generates positive expectations for investors and could boost the price of Bitcoin in the current year.

Alternative scenarios.

Despite the bullish outlook, there are alternate scenarios to consider. Some analysts, like Michaël van de Poppe, stress the importance of holding above $30,800 for sustained bullish momentum.

Should the Bitcoin price fall below $29,500, it could run into obstacles to recover and look for lower levels around $28,000. There is also mention of the possibility of a fall to $22,000-20,000, where a previous support zone is found.

To end.

The month of July looks set to be an exciting period for the Bitcoin price as it faces the key resistance at $31,000. If it manages to break this barrier, it is likely to trigger significant bullish momentum, with possible targets at $36,000 and $48,000, according to some analysts.

The historical trend of July as a favorable month for Bitcoin also supports these bullish prospects. However, alternative scenarios should be considered where Bitcoin could face headwinds and declines in the near term. Investors and cryptocurrency enthusiasts will be watching market movements during this crucial month to determine the near-term future of Bitcoin.