Bitcoin Drops 0.24% to $117,503 Amid Consolidation

Bitcoin (BTC) has experienced a slight decline of 0.24% since yesterday, currently trading at $117,503. The hourly chart indicates that the price is in the middle of the local channel, with most of the daily Average True Range (ATR) having been passed. This suggests that any sharp moves are unlikely to occur by tomorrow. On a larger time frame, the price of Bitcoin is within yesterday's bar, indicating that neither buyers nor sellers are currently controlling the situation. This consolidation around current prices is expected to continue until tomorrow.

From a midterm perspective, there are no reversal signals yet. If the candle closes with no long wick, the upward move is likely to continue to a new all-time high next week. The recent price action has confirmed the bullish trend, with Bitcoin hitting a new all-time high of $118,790 on July 12. This breakout occurred after a period of consolidation, where the price had been trading within a broad descending channel between $100,000 and $111,000. The clean breakout from this channel indicates bullish momentum, with analysts predicting further gains in the near future.

The rise in Bitcoin's price can be attributed to several factors, including the weakening of the US dollar, which has made Bitcoin a more attractive investment for those looking to hedge against currency devaluation. Additionally, the uncertainty surrounding the Federal Reserve's monetary policy has led to increased demand for safe-haven assets, with Bitcoin being one of the most popular choices. The growing institutional interest in Bitcoin, as well as the anticipation of a Bitcoin ETF approval, has also contributed to the bullish sentiment.

Analysts have been bullish on Bitcoin's long-term prospects, with some predicting that the cryptocurrency could reach $300,000 in the coming years. According to one analyst's forecast, Bitcoin is projected to hit $135,086 by July 2025. Another expert anticipates that Bitcoin will first hit $125,000 in July, followed by a climb to $150,000 by the end of the third quarter. The ultimate target is set at $250,000 by 2025, with an 110% increase in value predicted over the next few years. The bullish pressure on Bitcoin's price has been building for some time, with long-term holders absorbing supply and institutional investors showing increased interest.

Analysts are now eyeing $135,000 as the next major resistance level, with some predicting that Bitcoin could reach this target in the coming months. The long-term outlook for Bitcoin remains bullish, with some analysts predicting that the cryptocurrency could reach $300,000 in the coming years. The recent price action has confirmed the bullish trend, with the cryptocurrency hitting a new all-time high of $118,000. The weakening US dollar, Federal Reserve uncertainty, and growing institutional interest have all contributed to the bullish sentiment. Analysts are predicting further gains in the near future, with some targeting $135,000 as the next major resistance level.