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Bitcoin (BTC) soon in “best bull market ever”?



 How strong will the monthly close be?

As data  shows, BTC/USD promptly erased all of the weekend's gains so far as the price plummeted from $24,670 to $23,555 in a very short period of time.


The resulting “Bart Simpson” is now a familiar pattern on Bitcoin’s hourly chart for traders.


After all, only $150 million was liquidated in the last 24 hours, which is comparatively small and less than the previous days, according to data from crypto market researchers Coinglass .


Crypto analyst Rekt Capital is nonetheless confident that the upcoming weekly close will solidify a key trendline for Bitcoin price as new support after repeatedly failing to do so in previous weeks.



However, not all observers share this reading, so there are now serious doubts about the current situation.


Material Indicators analyst Material Scientist warns that funding rates in derivatives trading are becoming increasingly positive, which could indicate that sentiment among traders is almost too optimistic.


“The negative funding rates have almost completely reset like they did at the end of March. It is possible that we will soon see positive funding again for some Altcoins”, as the expert writes . And further:


"I think there's another downturn before the bears finally lose traction."

Regardless, bitcoin price is in prime position to post a whopping monthly gain of nearly 19% in July. This would make the summer month significantly better than any other month this year.


According to data from Coinglass, July's gains could even be the strongest since Bitcoin's record high in October 2021.

Is the 'best bull market of all time' imminent?

Other experts, on the other hand, are less concerned about a new short-term downturn and are instead keeping an eye on the long-term time horizon.


Mike McGlone, senior commodity analyst at Bloomberg Intelligence, certifies that Bitcoin will have a strong second half of the year in the coming months.


In this context, the expert first points out that the American central bank wants to decide on further interest rate hikes from "meeting to meeting". Accordingly, Bitcoin could possibly "continue the tendency to perform better than all other financial products" in the near future, as the financial expert believes .


“July was the cheapest month in Bitcoin history going back to the 100-week and 200-week moving averages, which should now be followed by a rebound,” McGlone said. And finally he sums it up:


"I see a favorable risk/reward tradeoff for the best bull market of all time."

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