Bitcoin Price Prediction July 9, 2024

 

Bitcoin Price Prediction & Analysis for July 9, 2024: Will BTC Reach $63K or Drop to $53K?

As I write this post, the price of Bitcoin stands at $57,406.66. With that said, let’s begin.

Recent Price Analysis (July 8, 2024)

Analyzing the price as of July 8, 2024, we see that Bitcoin finally managed to "close" by taking profits below $56,750, which was one of our key support levels. This event is significant because it indicates that we are getting closer to a liquidity influx into Bitcoin. That brings us to the question: Will we see a bullish rebound from the current level, or will the bearish trend continue?

Medium-Term Downtrend

Frankly, it doesn’t matter much to us if there’s a bullish rebound. As we’ve explained in previous posts, Bitcoin is currently in a medium-term downtrend. To break this trend, Bitcoin would need to surpass $73,000, and it’s evident that this break won’t happen in just one week. To reverse this bearish trend, we not only need a hypothetical break above $73,000 but also need to see a series of higher lows.

Potential for Further Decline

We must also consider that there’s still a significant chance Bitcoin will continue to fall, possibly reaching $53,700. As mentioned in previous posts, we cannot rule out this movement at any point.

Conclusion: Beware of a Bull Trap

In conclusion, while there is a possibility of a bullish rebound, it is likely that the price will then drop back to $53,700. Despite the current price being $57,406.66 and many believing it will reach $63,000 again, we hold a different opinion.

Therefore, based on my conclusion, I believe that buying now would likely result in falling into a bull trap.

At this point in the article, I want to clarify that nothing written in this post is investment advice. Rather, it is my opinion on what I personally believe Bitcoin will do.