Galaxy Digital predicts consolidation phase for Bitcoin
Bitcoin has entered a brief phase of consolidation after recently surging to a new all-time high of $122,884.
According to Michael Harvey, head of franchise trading at Galaxy Digital, the base case is for BTC to stabilize around current levels after its steep rally, reports Cointelegraph.
He sees this pause as healthy for the market before any further upside momentum. However, Harvey also noted that another leg up before the end of July is still possible. For that to happen, strong ETF inflows, treasury firm accumulation, and a significant rise in retail demand will be key drivers.
Spot ETF inflows remain strong, but retail is still lagging
Despite recent gains and institutional activity, retail participation may still be lagging. Bitcoin treasury firms continue accumulating, and spot ETFs based in the U.S. have seen steady inflows, which support the bullish outlook. Yet, metrics such as Google Trends searches for “Bitcoin” remain low, indicating the broader retail crowd has yet to fully return. Coinbase’s recent jump to No. 137 in the U.S. Apple App Store hints at early signs of retail interest. At press time, Bitcoin is trading around $118,098 — down slightly from its recent peak but holding key psychological support.
Risks of a pullback and cycle timing
Harvey cautions that a bearish short-term scenario could see Bitcoin fall below $110,000 due to profit-taking or broader equity market weakness. A retracement of 5–10% would not be out of the question in a risk-off environment. Meanwhile, analyst Rekt Capital warns that Bitcoin’s current cycle may be nearing its peak, following a pattern similar to 2020. If history repeats, the cycle top could arrive by October — roughly 550 days after the April 2024 halving. These factors suggest that while upside remains possible, investors should also prepare for volatility and possible corrections ahead.
Recently we wrote that Bitcoin’s price action this week has been between the enthusiasm of early July’s rally and emerging technical resistance.
Latest Bitcoin News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
