What will happen to Bitcoin this week?

We tell you what economic events this week are worth paying attention to and what Bitcoin forecast is given by representatives of the crypto industry.

What’s happening with Bitcoin

Bitcoin began the new working week with trading almost 15% below its absolute maximum, which was recorded on March 14, 2024 at $73,750. As of the time of writing, the cryptocurrency is trading at $62,815.

The latest round of BTC’s fall occurred against the backdrop of another decision by the American Federal Reserve not to change the key interest rate. A movement towards lowering the metric can increase the investment attractiveness of such high-risk assets as cryptocurrency.

Events to watch

This week, investors are expecting a number of important events for the economy. The behavior of the digital asset market may depend on their outcome, among other things. Crypto enthusiast and entrepreneur Mark Cullen singled Here are a few economic developments this week that he thinks are worth keeping an eye on:

• July 25. US Consumer Confidence Index. High trust scores indicate that people may be more willing to invest in high-risk assets such as Bitcoin. On the other hand, if confidence is low, market participants may stick to traditional investments. In this case, Bitcoin may come under pressure.
• July 27. Total US GDP. A strong GDP report could improve overall market sentiment and potentially lead to increased interest in Bitcoin. On the contrary, a weak GDP report may provoke investors to act more cautiously, which will lead to a decline in the BTC price.
• July 27. Basic price index of personal consumption expenditures in the USA for the month. The Federal Reserve considers a metric to analyze the country’s inflation rate. If the index shows inflation higher than expected, the Fed may begin to move towards raising the key rate or, at a minimum, refusing to lower it. Both outcomes are unfavorable for Bitcoin. On the other hand, inflation below expected may indicate that the regulator is approaching the rate reduction phase. For the digital asset market, such changes are positive.
• July 27 and 28. US Housing Market and Jobless Claims Data. If the housing market is booming and unemployment claims are down, the economy is doing well. In this case, the attractiveness of Bitcoin in the eyes of investors may increase. However, bad data can also support BTC. In this case, investors can pay attention to cryptocurrency as a protective asset.
• July 28th. Bitcoin futures expiration. The expiration of Bitcoin futures may lead to increased volatility as traders adjust their positions during this period.

Bitcoin forecast

Trader Doctor Profit believesthat Bitcoin continues to move sideways. According to his observations, the cryptocurrency may show positive dynamics in the near future. This is indicated by technical analysis. The trader sees a pattern on the cryptocurrency chart that allows him to predict the growth of BTC to $70,000 in the coming days. Doctor Profit explained the goal by the assumption that at the height of $70,000-72,000 there is a liquidity pool to which the cryptocurrency rate can tend. At the same time, in his opinion, investors will be able to see significant growth in Bitcoin only in the third and fourth quarters.

Trader @CryptoWizardd in turn sees prospects for BTC to decline to $60-61 thousand in the near future. The fall, according to his forecasts, will turn into a positive movement, which will help Bitcoin renew its absolute maximum.

Trader “Coosh” Alemzadeh gave one of the most optimistic Bitcoin forecasts. According to his calculations, the cryptocurrency will be able to approach $100,000 as early as July 2024.

Analyst Lark Davis is waiting too Bitcoin at $100,000. Unlike his colleagues, he did not specify the time frame for his forecast.

Less optimistic forecast shared by trader CrediBULL Crypto. He does not rule out a further decline in BTC in the near future, but believes in the prospects for renewed growth in July 2024. According to his calculations, in the second month of summer, Bitcoin will be able to reach its absolute maximum value.