Key Insights
- Bitcoin price recently hit a new all-time high of $122,884 before pulling back to $118,098.
- Analysts say a short-term pause is likely, but further upside could follow by the end of the month.
- An ongoing golden cross shows that a surge towards $155,000 could be inbound over the next few months.
Bitcoin price has been on a powerful run lately. It even topped at an all-time high of $122,884 before settling around $118,098. Some experts expect a short-term pause. On the other hand, there’s some optimism that Bitcoin could push even higher before July ends.
What Could Push Bitcoin Price Higher This Month?
U.S.-based spot Bitcoin ETFs have largely powered the strong Bitcoin price action. These funds have seen consistent inflows over the past few weeks. In addition, companies holding Bitcoin in their treasuries have continued accumulating.
While retail demand isn’t yet explosive, it shows early life signs. For example, Coinbase has climbed to No. 137 in the U.S. Apple App Store. This showed that the average investor is re-engaging with crypto platforms.
However, search trends on Google show that interest in “Bitcoin” hasn’t yet returned to previous peaks.
Bitcoin Golden Cross Hints at Larger Rally
One major bullish signal is the recent formation of a golden cross on the daily Bitcoin price chart. Analyst Merlijn first flagged this technical indicator and saw that the 50-day SMA exceeded the 200-day SMA. Historically, this trend has come before massive price increases.
Merlijn further added that every time this pattern forms, Bitcoin tends to “go vertical.” Gains of more than 2,000% followed previous golden crosses in 2017 and 2020. This trend even held in shorter-lived rallies like in 2016, when the Bitcoin price surged after the crash.
The latest golden cross was confirmed on May 22, when Bitcoin price traded at around $105,000. Since then, it has risen to above $120,000. If history repeats, the next target could be around $155,000.
Is Bitcoin Price Consolidation the Calm Before the Storm?
Bitcoin price is currently consolidating just below the $120,000 mark. Historically, this kind of sideways movement has been a reset before the next major leg up.
According to analyst Rekt Capital, this is a healthy sign. Also, the consolidation is helping altcoins gain strength while Bitcoin cools off.
Bitcoin price may close above the $120K resistance and retest that level successfully. If this happens, it could serve as a signal for a confirmed breakout. From there, analysts expect the next stop to be $135,000, followed by even higher levels if momentum continues.
Downside Risk Still Exists
Overall, while the outlook remains bullish, there are some short-term risks. At worst, Bitcoin could fall and retest the $110,000 price level. However, profit-taking, macroeconomic concerns, or a dip in equities likely trigger this drop.
A 5–10% correction wouldn’t be unusual after such a rapid rise. However, as long as ETF flows stay strong and institutions hold firm, any pullback will likely be temporary.
Rekt Capital suggests the current cycle could mirror the last bull run. If so, several more months of price growth may still lie ahead. Historically, Bitcoin tends to peak around 550 days after a halving event.
Since the most recent halving occurred in April last year, the peak may not come until October. That means this could be the middle of the bull run, not the end.
Overall, for now, all eyes are on the $120,000 level. If Bitcoin price clears that and holds, it could set off the next wave of gains.
Whether a break above $135,000 occurs or not, the next few weeks will be crucial for Bitcoin. Investors and traders will watch support and resistance levels for signs of Bitcoin’s next moves.
