Markets
The biggest crypto predictions for July 2024
The month of July is primarily focused on the potential launch of Ethereum spot ETFs. However, Bitcoin and a few other crucial assets have something equally huge ahead of them.
BeInCrypto has compiled the major developments you can expect over the next month that could impact the crypto market.
The price of Bitcoin could reach its lowest level in several months
Bitcoin price, at $61,150 at the time of writing, is holding above the $60,000 mark. While many feared that market uncertainty could have pushed it below that level, they failed to see the bigger picture.
On the weekly chart, BTC can be seen forming a double top pattern. This bearish macro pattern indicates that the asset could be about to experience a downtrend. Bitcoin price can be seen breaking above the neckline at $61,483.
This breakdown could find some support at $58,874, but the trend suggests a much larger decline. The target price is set 17% below the neckline, at $50,982, which would result in a four-month low for BTC.
The possibility of this happening is rather strong, given that the notion of “sell in May and leave” continues to impact spot BTC. ETF Entries. Combining this with the volatility from the crypto market, a pullback is very possible.
Learn more: History of Bitcoin Halving: Everything You Need to Know
Bitcoin price analysis. Source: TradingView
However, Bitcoin price could also bounce from $60,000 or $58,847, which would invalidate the bearish thesis. This would be confirmed once $62,000 is regained as support.
Arbitrum could hit new all-time low
Arbitrum price cut expected, but threat of the new all-time low is alarming. ARB, the second largest layer 2 token behind Polygon (MATIC), has seen its demand drop significantly in recent weeks, leading to a massive price drop. Since the beginning of March, it has fallen by more than 60% to $0.799, forming a head and shoulders pattern.
A head and shoulders pattern is a bearish reversal chart pattern with three peaks: a central higher peak (the head) flanked by two lower peaks (the shoulders). Once the neckline is broken, it indicates a potential trend reversal from bullish to bearish.
Based on this trend, Arbitrum’s target price is projected at $0. However, this is absurd as ARB is a fundamentally strong asset. The most likely outcome is a new all-time low for ARB as it currently sits above the current low of $0.739.
The evolution of market sentiment could accelerate this decline and, before the end of July, the ARB could see a new ATL.
Learn more: Arbitrum (ARB) Price Prediction 2024/2025/2035
On the other hand, if Arbitrum price manages to bounce back from $0.739, it could attempt to break above $0.929. A successful attempt could send ARB above $1.00, invalidating the bearish thesis.
NFTs are dying
Non-fungible tokens (NFT) rose to prominence in 2022, but their performance since then has been disappointing. Some resurgence in activity and demand occurred in the first quarter of this year.
This recovery, however, appears to be short-lived. Over the past three months, overall transaction volume has fallen from $38.8 million to $7.9 million, a drop of 81%.
Learn more: 7 Best NFT Markets You Should Know About in 2024
This decline is due to two factors. On the one hand, the lack of innovation in this area has reduced demand. On the other hand, alternative investment options and assets such as real-world assets (RWA) have increased.
The rise of artificial intelligence (AI) tokens has also attracted the attention of investors. Given the growth potential of AI, investors in cryptocurrencies are increasingly choosing them.
As a result, NFT trading volume may further decline as bearish market conditions and the aforementioned factors strengthen.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.