In today’s article, we will be inspecting BTC’s past prices and market predictions so that we can try to come up with a Bitcoin price prediction for July 2020.
Bitcoin is the number one crypto according to a market cap of $172,734,343,853 and a trading price of $9,381.94. There are currently 18,411,368 BTC in circulation out of a total of 21.000.000 BTC. $16,835,566,664 worth of Bitcoin has been traded in the last 24 hours.
Bitcoin Price Prediction: Analysis
June started on a positive note for Bitcoin, as it went from an opening price of $9.463,61 and managed to get past the $10,000 resistance it had been trying to overcome for some time now, closing the day at a price of $10.167,27. The next day, BTC lost its gains and went down to $9.529,80 towards the end of the day. Up until June 9th, BTC traded closely between $9,700 and the lower end of $9,800. Then, on June 10th, the coin surged back to $9,900, reaching a high of $9.938,30 on June 11th, but the pullback was strong and applied a huge correction to $9.321,78.
Bitcoin closed that week with a 4.31 percent loss, at a price of $9.386,79, suggesting that the short-term bulls that had been waiting for the coin to get above $10,500 are selling their positions.
On June 15th, the Bitcoin price fell under $9,000 to an intraday low of $8.990,18. But this dip gave BTC the boost needed to get back to its $9,000 position and put things in motion for a new bull rally. As more buyers entered to buy low, the price of BTC has steadily recovered to take back the resistance at $9,500. It seems that the bulls are working hard to bring back Bitcoin above $10,000.
The current pivot, resistance, and support levels calculated by WalletInvestor are:
- Resistance Level (R3): 10154.38
- Resistance Level (R2): 9829.620
- Resistance Level (R1): 9640.160
- Pivot Point: 9315.400
- Support Level (S1): 9125.940
- Support Level (S2): 8801.180
- Support Level (S3): 8611.720
The daily trading volume Bitcoin (BTC) futures saw a deep dive from $20 billion on June 11 to about $5 billion on June 13. The volume saw growth during the sharp drop on June 11 but diminished when it rebounded on June 12 and 13.
On June 14, while Bitcoin saw a drop below $9,000, the futures volume started going up, indicating a higher number of bearish trades and less bullish trades during price corrections.
As trading volumes dropped, for the first time in three months, open interest on Bitcoin derivatives rose to $4 billion. This shows that long-term traders are not liquidating their positions yet.
As the date of another futures and options expiry draws near, traders are showing anxiety, as BTC has not managed to surpass the $10,000 mark again. Over 100,000 Bitcoin options with a total worth of $930 million are scheduled to expire on June 26. This number signifies nearly 70% of the total open interest of Bitcoin.
Bitcoin Price Prediction: Market Opinion for July 2020
As several of crypto forecasting sites made their own Bitcoin price prediction for July 2020, we have featured some of these predictions below so that we can provide a more comprehensive market sentiment regarding the future price progress of BTC.
Longforecast estimated that BTC will start trading at $9239 when July begins. They also predicted that the maximum price of the coin for this month would reach $10898, while the minimum price will be around $8099. The monthly average was calculated at a price of $9322. The closing price was estimated to reach $9052, change for July -2.0%.
Digitalcoinprice‘s Bitcoin price prediction places the coin at a price of $22,644.95 in July, which marks an increase of 137.86%.
Tradingbeasts forecasted that Bitcoin would start July at a price of $8,358.220. The maximum price for the month expects the coin to reach $10,440.237, while the minimum price was set at $7,099.361. Bitcoin is expected to close July at a price of $8,352.190, with a change of -11.18%.
Coinpredictor projected that Bitcoin will drop with -22.6% in July, meaning that the coin will be trading at $7,137.53.
Gov.capital posted that Bitcoin’s trading price for July 1st will be $10115.42, with a maximum price of $11632.733 and a minimum price of $8598.107. Below are the rest of the predictions for all the days in July.
|Calendar date||Regular||Least possible price||Best possible price|
|2020 July 01, Wednesday||10115.42||8598.107||11632.733|
|2020 July 02, Thursday||9996.994||8497.4449||11496.5431|
|2020 July 03, Friday||10419.88||8856.898||11982.862|
|2020 July 04, Saturday||10646.30||9049.355||12243.245|
|2020 July 05, Sunday||10406.00||8845.1||11966.9|
|2020 July 06, Monday||10508.02||8931.817||12084.223|
|2020 July 07, Tuesday||10498.06||8923.351||12072.769|
|2020 July 08, Wednesday||10700.21||9095.1785||12305.2415|
|2020 July 09, Thursday||10933.46||9293.441||12573.479|
|2020 July 10, Friday||10875.39||9244.0815||12506.6985|
|2020 July 11, Saturday||10496.60||8922.11||12071.09|
|2020 July 12, Sunday||10394.29||8835.1465||11953.4335|
|2020 July 13, Monday||10386.99||8828.9415||11945.0385|
|2020 July 14, Tuesday||10208.55||8677.2675||11739.8325|
|2020 July 15, Wednesday||10019.28||8516.388||11522.172|
|2020 July 16, Thursday||10015.18||8512.903||11517.457|
|2020 July 17, Friday||9898.344||8413.5924||11383.0956|
|2020 July 18, Saturday||10357.19||8803.6115||11910.7685|
|2020 July 19, Sunday||10463.29||8893.7965||12032.7835|
|2020 July 20, Monday||10608.92||9017.582||12200.258|
|2020 July 21, Tuesday||10684.44||9081.774||12287.106|
|2020 July 22, Wednesday||10690.21||9086.6785||12293.7415|
|2020 July 23, Thursday||10630.50||9035.925||12225.075|
|2020 July 24, Friday||10629.00||9034.65||12223.35|
|2020 July 25, Saturday||10806.51||9185.5335||12427.4865|
|2020 July 26, Sunday||10626.01||9032.1085||12219.9115|
|2020 July 27, Monday||10594.98||9005.733||12184.227|
|2020 July 28, Tuesday||10657.89||9059.2065||12256.5735|
|2020 July 29, Wednesday||10677.42||9075.807||12279.033|
|2020 July 30, Thursday||10632.49||9037.6165||12227.3635|
|2020 July 31, Friday||10692.46||9088.591||12296.329|
Cryptorating’s Bitcoin price prediction for July estimated that the coin will increase with 25.49%, which would set BTC at $11 985.90.
Cryptoground forecasted that BTC will reach, in July, a price of $9,736.8819, marking a change of 2.24%.
30rates made predictions for the first 20 days of July, along with the minimum and maximum values of each particular day.
Bitcoin Price Prediction: Verdict
With this, we have reached the end of our Bitcoin price prediction for July 2020. From the data and predictions, we have analyzed, the market sentiment is largely positive for Bitcoin and expects the coin to break the $10,000 mark soon.
Featured image: tokeneo.com