Bitcoin News Today: Galaxy Digital Predicts Bitcoin to Reach New Highs by July

Galaxy Digital, a leading digital asset management firm, has expressed a bullish outlook on Bitcoin, predicting that the cryptocurrency could reach new highs by the end of July. This optimism comes as Bitcoin has recently rallied to a fresh all-time high of $123,000, and is currently consolidating around $118,000. Michael Harvey, head of franchise trading at Galaxy Digital, describes this consolidation as a "pause for air" before a potential further increase in price.

Harvey outlines two potential scenarios for Bitcoin's price movement. The most optimistic path involves a "slow melt-up," driven by continuous inflows into U.S.-based spot Bitcoin ETFs, ongoing accumulation by Bitcoin treasury firms, and a noticeable increase in retail investor interest. However, he also acknowledges a more cautious view, where a pullback triggered by profit-taking or broader equity market weakness could drag Bitcoin down 5–10%, putting $110,000 at risk. Such a correction wouldn't necessarily end the bull market but would signal temporary weakness and a break in momentum.

Harvey's bullish outlook is supported by strong ETF flows and consistent institutional accumulation. However, retail activity, typically a key driver of Bitcoin blow-off tops, remains uncertain. While there are signs of rising curiosity among retail users, such as Coinbase climbing to a high ranking on the Apple App Store, Google Trends data shows that searches for “Bitcoin” remain relatively low.

Adding to the broader outlook, crypto analyst Rekt Capital suggests this cycle might peak in October, roughly 550 days after the April 2024 halving, following the same timeline as the 2020 cycle. This implies that there are only a few months of strong upward movement left before the cycle matures. This prediction is based on Bitcoin's massive market cap and strong institutional confidence, as reflected in its daily trading volume.

CryptoQuant notes that the Short-Term Holder MVRV ratio is currently below the profit-taking threshold, suggesting Bitcoin still has room to climb 20–25%. With the recent consolidation resting on solid technical footing, a rally into the $140K+ range remains a viable target. For now, Bitcoin sits in a wait-and-see phase, with the next few weeks potentially determining how the rest of this bull run unfolds.

Galaxy Digital's prediction is based on a combination of technical analysis and fundamental factors, including growing institutional interest in Bitcoin and increasing acceptance of cryptocurrencies as a legitimate asset class. The firm's executives believe that the current market conditions are conducive to further price appreciation, with the potential for new all-time highs in the near future. While the cryptocurrency market is known for its volatility, the current conditions suggest that Bitcoin could continue its upward trajectory in the coming months.