Bitcoin Price Sinks to $30.2k, but Surges to $31.4k: Whats Next?

Bitcoin (BTC) Price Drops and Surges

The price of Bitcoin (BTC) experienced a drop from $30.8k to $30.2k on July 5th, following a failed attempt to breach a resistance level at $31.2k. However, on July 6th, BTC saw a rapid surge that took it up to $31.4k, breaking the resistance level. This bullish behavior was predicted by analysts who noticed a bullish pattern after a trendline breakout earlier that day. Some analysts even predicted that BTC would break the previous high of $31,380.

BTC price dropped from $30.8k to $30.2k on July 5th.
Resistance at $31.4k was broken on July 6th.
Bullish pattern observed after a trendline breakout.
Prediction of BTC breaking previous high of $31,380 came true.

Bitcoin’s Future Uncertain

Opinions are split regarding Bitcoin’s future following the recent price rejection and subsequent surge. Many did not expect the support level at $30k to hold, but BTC managed to hold above $30.2k. Analysts predict that if BTC bounces, it could reach a new 12-month high of $32,250. However, the current resistance at $31.4k is preventing further progression.

Support level at $30k held.
Prediction of BTC bouncing to $32,250.
Resistance at $31.4k is currently holding.

BlackRock CEO Views Bitcoin as New Gold

BlackRock CEO, Larry Fink, sees Bitcoin as digital gold and believes that a Bitcoin spot ETF could revolutionize finance. BlackRock’s recent filing for a Bitcoin ETF with the US SEC caused disruption in the market, despite the initial rejection. Fink stated that the ETF will democratize crypto and considers Bitcoin an international asset.

BlackRock CEO views Bitcoin as digital gold.
Bitcoin spot ETF filing caused market disruption.
Fink believes the ETF will democratize crypto.
Bitcoin is considered an international asset.

Binance CEO’s Thoughts on Bitcoin’s Bull Run

Binance CEO, Changpeng Zhao (CZ), shared his thoughts on when Bitcoin’s next bull run might occur. According to historical data, the bull run typically happens 6-12 months after the halving event. With the next halving scheduled for 2024, Zhao predicts that the next bull run could start in late 2024 or potentially in 2025. He also expressed minimal concern about BlackRock competing for Binance’s market share.

Bull run usually happens after the halving event.
Next halving scheduled for 2024.
Prediction of next bull run starting in late 2024 or 2025.
Minimal concern about BlackRock competing with Binance.

Launchpad XYZ Nears Presale Goal

Investors are turning to young assets that are still in their presale stage, such as Launchpad XYZ. The project has raised over $1.1 million and offers its LPX token at different prices during the presale. The next stage of the presale will offer LPX at $0.046, gradually increasing until it reaches the listing price of $0.056. Launchpad XYZ aims to provide developers with tools for successful Web3 development.