Markets

Bitcoin price movement could be boosted by BlackRock approval

A popular cryptocurrency analyst and trader has predicted that there will be less pullback in the Bitcoin price action. However, he warned that the markets could drop sharply if one of the scenarios plays out.

On July 5, trader and analyst Josh Rager shared his thoughts on the movement and trajectory of the Bitcoin price. He said he disagrees with the current widely accepted notion that BTC prices will return to around $24,000 again.

Bitcoin’s decline is not deep

That sentiment about a $24,000 correction was very popular, Rager said, but “people are overthinking it.”

He added that “the pullbacks are not going to be that deep now” before saying that if BTC gets back to $25,000 again, “it won’t be until later in the year after more rally before that.”

Bitcoin decline scenario. source: Twitter / @Rager

However, he warned that the SEC’s rejection of the BlackRock spot BTC application could cause more pain.

“Only the ETF’s rejection can cause pain but I think BlackRock got the nod this time.”

“A revisit below $30,000 is out of the question,” he said, but remained optimistic adding, “I’m inclined to be more bullish before a big pullback.”

Gains are likely to be made if BlackRock gets approval, which Rager saw as a “real possibility” by August.

“The markets will do what they will do but the current bitcoin fundamentals are hard to beat.”

Market sentiment appears to be in agreement. Fear and greed of Bitcoin index He returned to “Greed” with an average of 61 today. It dropped to 41 in mid-June as the Securities and Exchange Commission (SEC) launched several lawsuits against high-profile US crypto firms.

However, it is also worth noting that bitcoin price has been frustrated by the resistance just over $31,000 at least three times over the past two weeks.

Moreover, the same resistance level proved too strong to overcome in mid-April.

BTC price movement forecast

Bitcoin is currently trading for $30,851 after losing half a percent on the day. We’ve combined over $30,000 since June 21st.

This level also formed a critical post-breakout support in the wake of the Terra/Luna crash in June 2022.

BTC price in 24 hours in USD.  Source: BeInCrypto
BTC price in 24 hours in USD. Source: BeInCrypto

BTC has gained 15% over the past month, outperforming Ethereum and most altcoins. However, the cryptocurrency king is still down 55% from its November 2021 high.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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