Gracy Chen, the managing director of Bitget’s crypto-exchange, has provided her forecasts for the trends of Bitcoin, Ethereum, and BNB in July 2023. Chen’s reasoning is based on recent news and events surrounding these cryptocurrencies. For Bitcoin, the news of the Federal Reserve potentially raising interest rates twice in the second half of the year could impact its price in July. Additionally, the applications submitted by BlackRock, WisdomTree, and Invesco to the SEC for a Bitcoin ETF have contributed to the recent bullish price of BTC. Chen predicts a bullish trend for BTC in July, with a potential price range of $34,000-$35,000. However, if BTC fails to hold steady at $31,000 or $30,000, there is a possibility of a swing in the range of $29,000 to $31,000. Falling below $29,000 could lead to wider fluctuations between $26,000 and $30,000.
Moving on to Ethereum, Chen notes that the total amount of ETH being staked on the network continues to increase, attracting funds. However, there has been a reduction in on-chain activity recently. Chen sees ETH as weaker than BTC in July, with a potential price range of $1,700 to $1,950. The correlation between BTC and ETH suggests that if Bitcoin breaks through $31,000, it could trigger a wave of altcoin trends, potentially leading ETH to attempt to break the previous resistance level of $2,141.
In the case of Binance Coin (BNB), the recent SEC charges against Binance and its CEO, Changpeng CZ Zhao, have affected its price. However, Binance has made advancements, including the launch of opBNB and plans to integrate the Lightning Network for Bitcoin deposits and withdrawals. Chen believes that the outcome of the lawsuit between the SEC and Binance will significantly impact the trend of BNB in July, with potential fluctuations between $230 and $280. If BTC surpasses $31,000, it may challenge the resistance level of $290 to $300.
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