Bitcoin price prediction July 2022: What to expect from BTC next?
Bitcoin (BTC) price has once again dropped below the $20,000 level. At the time of writing, the number one cryptocurrency was trading at around $19,990, down 2.41% in the last 24 hours. BTC has been struggling to take off despite rising above $22,000 a few days back.
The BTC trading charts indicate that the top cryptocurrency may fall further if the selling pressure continues.
“Bitcoin dropped by over 7% in the last couple of days to fall below the $20,000 level after failing to stay above the $22,000. The BTC market sentiment also weakened as fear crept in with the drop in prices,” analysts at WazirX Trade Desk shared in a note.
“On the daily time-frame, the BTC chart is traversing within the descending channel pattern. The daily RSI is approaching the oversold zone and we could expect investors to re-enter at this level. A failure to maintain its momentum above the $22K level could see BTC dropping further. Immediate support for Bitcoin is expected at $17,700,” they added.
The US CPI inflation numbers for June 2022 expected to be announced tomorrow may also have a significant impact on the crypto markets, particularly Bitcoin price.
“The U.S. CPI data on July 13th will be the next trendsetter for the crypto market,” Shivam Thakral, CEO of crypto platform BuyUcoin said.
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Edul Patel, co-founder and CEO of crypto investing platform Mudrex said, “After following the recent run towards US$22,000, Bitcoin again falls back to the US$19,000 level on Monday. If the price drops below the current level, we might see BTC falling to US$18,000 as bearish sentiment continues in the market.”
BTC may end 2022 above $25,000
Meanwhile, a survey of 53 fintech specialists by Finder has predicted that BTC may end the year at $25,473 before falling to as low as $13,676. Most of the experts surveyed said that the virtual digital asset market was officially in the “crypto winter”.
The same experts, however, said that Bitcoin could be worth $106,757 by 2025 and $314,314 by 2030.
Experts say that more big crypto projects may fail in the next couple of months. And the crypto winter may last until 2023 or even beyond.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)
