Bitcoin (BTC) is up 12% in June, but one forecast says the good times for bulls will soon be over.
In a July 1 tweet, popular trader CryptoBullet admitted that July might not offer much more upside for BTC price.
Traders: BTC price rally “likely” to end this month
Despite a last-minute crash, Bitcoin managed to end the month of June in a solid position thanks to macroeconomic news.
Data from Cointelegraph Markets Pro, TradingView, and CoinGlass confirms that Bitstamp ended the month at $30,465.
BTC/USD 1 hour chart. Source: TradingView
These levels continue into the weekend, with the past month marking Bitcoin’s best June performance since 2019.
In historical comparison, July looks even better; Throughout its history, BTC price action has never lost more than 10% over the month.
Monthly returns of BTC/USD (screenshot). Source: CoinGlass
However, for CryptoBullet, “common sense” dictates that BTC/USD should break below some key moving averages.
“So June surprised me. We have quite a bullish monthly close: BTC tested the MA50, rallied strongly and managed to retake the EMA21!” he commented on the monthly chart.
“I can reiterate what I said: $BTC can rally to 35,000 (to chase liquidity) but this medium-term upside rally is coming to an end. Expected this month.” Annotated BTC/USD chart. Source: CryptoBullet/Twitter
The concept of chasing liquidity in the lower $30,000 zone remains popular as a theory for price continuity.
Among those following is trading suite DecenTrader, which highlighted leveraged short positions this week, amounting to $35,000.
Battle for monthly bitcoin charts
Elsewhere, a broadly optimistic Rekt Capital was interested in what he called a “healthy technical retest” of sub-$30,000 levels for Bitcoin despite the monthly close.
Related: Bitcoin Speculators Send 35,000 BTC to Exchanges, Leading to New ‘High Spirit’ Inflow
“BTC has posted a bullish monthly close but is poised for a healthy technical retest around $29,250,” he told his Twitter followers that day.
“With the current price around $30,500…I wonder what negative catalyst will soon emerge to enable this technical retest.”
Further analysis also argued that even if BTC price fell below this downside target, it would not constitute anything “out of the ordinary”.
“Overall well positioned for upside potential,” added Rekt Capital.
Annotated BTC/USD chart. Source: Rekt Capital/Twitter
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This article does not contain any investment advice or recommendations. Any investment and trading venture involves risk, and readers should do their own research when making their decision.
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