Markets
Top Crypto Predictions for July 2024
The month of July is mainly focused on the potential launch of spot Ethereum ETFs. However, Bitcoin and some other crucial assets have something equally huge ahead of them.
BeInCrypto has compiled the key developments you can expect in the coming month that could impact the crypto market.
Bitcoin Price Could Hit Multi-Month Low
The price of Bitcoin, at $61,150 at the time of writing, is holding above the $60,000 mark. While many feared that market uncertainty could have pulled it below this level, they missed the bigger picture.
BTC on the weekly chart can be seen forming a double top pattern. This bearish macro pattern signals that the asset may be set for a downtrend. Bitcoin price can be seen below the neckline at $61,483.
This breakout could find some support at $58,874, but the pattern suggests a much larger decline. The price target 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 quite strong considering that the notion of “sell in May and go away” continues to impact spot BTC. ETF Inflows. Combining this with the volatility of the cryptocurrency market, a fall is quite possible.
See more information: Bitcoin Halving History: Everything You Need to Know
Bitcoin price analysis. Source: Trading view
However, Bitcoin price could also rebound from $60,000 or $58,847 to invalidate the bearish thesis. This would be confirmed when $62,000 is reclaimed as support.
Arbitrum Could Hit New All-Time Low
The fall in Arbitrum’s price is expected, but the threat of a new historic low is alarming. ARB, the second largest layer 2 token behind Polygon (MATIC), has seen its demand decrease significantly in recent weeks, leading to a massive drop in prices. Since the beginning of March, it has fallen 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 higher middle 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 pattern, Arbitrum’s price target is projected at $0. However, this is absurd because ARB is a fundamentally strong asset. The most likely outcome is a new all-time low for ARB, as it is currently above the current low of $0.739.
Changes in market sentiment could accelerate this decline, and before the end of July, ARB could see a new ATL.
See more information: Arbitrum (ARB) Price Prediction 2024/2025/2035
On the other hand, if Arbitrum price manages to rebound from $0.739, it may 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 (NFTs) gained prominence in 2022, but their performance since then has been disappointing. Some recovery in activity and demand occurred in Q1 of this year.
However, this recovery appears to be short-lived. Over the past three months, overall trading volume has plummeted from $38.8 million to $7.9 million, marking an 81% decline.
Read more: 7 Best NFT Marketplaces You Should Know About in 2024
The cause behind this drop is twofold. First, the lack of innovation offered in this space has left its demand minimal. Second, there has been a rise in alternative investment options and assets such as real-world assets (RWA).
The rise of Artificial Intelligence (AI) tokens has also caught the attention of investors. Given the growth potential of AI, crypto investors are more inclined to choose them.
As a result, NFT trading volume may decline further as bearish market conditions and the aforementioned factors gain traction.
Disclaimer
In line with the Confidence Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to 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 PolicyIt is Disclaimers have been updated.