Bitcoin Price Action Could be Bolstered by BlackRock Approval
A renowned crypto analyst and trader has predicted that there will be shallower pullbacks for the Bitcoin price action. However, he cautioned that markets could tank sharply if one scenario plays out.
On July 5, trader and analyst Josh Rager shared his thoughts on the Bitcoin price action and trajectory. He said he disagreed with the current widely-accepted notion that BTC prices will return to around $24,000 again.
Bitcoin Pullbacks Not as Deep
Rager said that this sentiment regarding a $24,000 correction was quite popular, but “people are overthinking it.”
He added that “pullbacks won’t be this deep now” before saying that if BTC did return to $25,000 again, “it won’t be until later on in the year after more upside before so.”
However, he cautioned that a denial of the BlackRock spot BTC application by the Securities and Exchange Commission could cause more pain.
“Only an ETF denial can cause pain but I think BlackRock gets approved this time.”
“A revisit below $30k not out of the question,” he said, but remaining bullish added, “I lean to more upside before a major pullback.”
The upsides will likely materialize occur if BlackRock gets approval, which Rager opined is a “real possibility” by August.
“The markets going to do what is going to do but it’s hard to trump the current Bitcoin fundamentals.”
It appears that market sentiment is in agreement. The Bitcoin Fear and Greed Index has returned to “greed” with a rating of 61 today. It fell as low as 41 in mid-June as the SEC unleashed several lawsuits against high-profile American crypto companies.
However, it should also be mentioned that Bitcoin prices have been thwarted by resistance just above $31,000 no less than three times over the past fortnight.
Furthermore, the same resistance level proved to be too strong to overcome in mid-April.
BTC Price Action Outlook
Bitcoin is currently changing hands for $30,851 after losing half a percent on the day. It has been consolidating over $30,000 since June 21.
This level also formed crucial support following the crash in the wake of the Terra/Luna collapse in June 2022.
BTC has made 15% over the past month, outperforming Ethereum and most of the altcoins. Nevertheless, the king of crypto remains down 55% from its November 2021 all-time high.
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