- Bitcoin price closed the previous day’s trade at $23,842.93 with a market capitalization of $454.19 billion and a circulating supply of 19,106,568 BTC
- The star crypto gained huge bullish momentum and surged more than 13% in the past couple of days and seems to be poised to rise another 7% to 8% until the weekend
Bitcoin Price Analysis for July 2022
|Market Cap||$457.22 billion|
|Circulating Supply||19.1 million BTC|
|Total Supply||21 million|
|Vol (24H)||$40.19 billion|
Will Bitcoin Price Reach $30,000 This Week?
Bitcoin price ignited the weekly trade on a bearish note and dropped hard by more than 10% during the first 3 days of the week. After hitting the bottom, the prices quickly spiked, raising by nearly 17% in just a couple of days. Currently, the asset is consolidating within narrow ranges but still remains within a bullish structure.
The star crypto after a brief consolidation is expected to break above the consolidation and quickly gain levels beyond $24,500. However, as the weekly close is fast approaching, significant volatility is expected. Therefore, the asset may try to rise beyond $25,000 but $30,000 presently appears a tedious job.
Check out latest Bitcoin INR Price, Charts, and Data.
Will BTC Price Reach $25,000 in July 2022?
The Bitcoin price maintained a consolidated trend below $21,500 for the first 2 weeks of July. The asset failed to break above these levels each time but held the lower support at $19,000. However, the Bitcoin price surged nearly 12% in H2 of July which was followed by an equal drop and another rise of 12% to regain the lost position.
Presently, the pattern formed by the asset indicates the possibility of surging by another 8% to 10%. Therefore, by the end of the monthly trade, the asset is expected to slice through the consolidation and achieve $25,000 levels.
Will BTC Price Reach $100K in 2022?
Bitcoin price, despite the ongoing upswing, still appears to be stuck up within a deep bearish trend. The asset, nowadays, has maintained a consolidated trend within a narrow range and is attempting very hard to rise above the accumulation. Interestingly, the price is just extending the bearish flag pattern, preventing a significant drop.
On the other hand, the volume has risen notably high with the equal volumes of buyers and sellers, hence compelling the price to slash its volatility. The asset by the end of this month is expected to surge beyond $24,500 and during August may reach $27,000 if bears remain aloof. By the end of 2022, the price is expected to hover around between $30,000 and $32,000.
Bitcoin Price Prediction: BTC Price Trend Comparison with ADA
- Bitcoin and Cardano are among the top competitors within the top 10 crypto rankings in the space
- While ADA price maintained huge strength since the beginning, BTC price displayed a weak rally comparatively
- Cardano (ADA) price after dropping from +28% to as low as -18%, rebounded finely to trade around +3.5% at the press time
- On the other hand, Bitcoin(BTC) price dropped from the average levels to find the bottoms at -40% and further rebounded slightly and presently trading -21.51%
Bitcoin (BTC) Technical Overview
- Bitcoin price after trading within as ascending channel from a long time is on the verge to test & clear the upper resistance
- The asset within the channel is rising, forming constant bull flags. The price is trending within one such flag and undergoing a notable decline. However, the asset is expected to rebound finely from the lows
- After flipping from the support, the price could surge beyond the consolidation and achieve $24,400 initially and later try hard to surpass $25,000
- However, the bears may try to drag the price back below $24,000 and may be successful to some extent to keep the price restricted. Mainly due to the bulls could remain exhausted for some time.
Additional Read: Bitcoin Technical Analysis
Impact of Crypto Crash on BTC Price
The Bitcoin price slumped hard ever since it reached the highs at $69,000, much before the market collapsed. The asset was on the verge of regaining the $50K mark while a massive drop due to the LUNA-UST crisis slashed the price in half. Further, a series of negative rounds like Celsius, 3AC fueled the descending trend to hit the lows below $18,000.
On the other hand, the newly imposed tax policy is not less than any nightmare for the traders within the Indian Sub-Continent. According to the new policy, the traders are required to pay 30% tax on the profit and also will be charged with 1% TDS on every transaction. Moreover, the losses are not considered while paying the taxes which has created a huge matter of concern for the retailers as well as the exchanges.
Where & How to buy Bitcoin (BTC)
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You can also explore our newly launched product, Crypto Investment Plan. Here you can invest in simple weekly installments for a fixed tenure. Therefore, start investing in Bitcoin & other cryptos with Crypto Investment Plan now!
Will Bitcoin hit INR 25000 in July 2022?
Bitcoin price in recent times has displayed a significant bullish momentum and hence a strong uptrend is expected until the end of July. However, $30K may appear pretty tough but may achieve before the end of 2022
Is BTC a good investment?
The BTC price has rebounded fairly in recent times displaying its tendency to skyrocket in the coming days. Therefore, it may be a good time to invest in Bitcoin.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. In case you have any queries, write to [email protected].
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