Expert Outlines Possible Scenarios for Bitcoin Movement by End of Month
Bitcoin has been trading in the range of $61,220–$66,978 since July 6, indicating a consolidation phase following the high volatility of early summer. Financial analyst Andrey Poroshin from Bitbanker notes this sideways movement is influenced by seasonal market inactivity and geopolitical uncertainty, to which the crypto market is now less reactive. He points to two key fundamental factors shaping the long-term trend. First, Bitcoin's price remains below the estimated $73k–$75k production cost for major US mining companies, a condition historically associated with the late stages of a prolonged downturn. Second, the bankruptcy of the major retail exchange BitMEX mirrors past cycles where such events, combined with prices below US production costs, often preceded market recovery.
Technically, a close above $66,200 could target $67.5k–$68k, with a firm break above $68k increasing the likelihood of a move toward $72k. Conversely, a loss of $64,500 could trigger a retest of the $61k–$62.5k range. The most likely scenario while Bitcoin stays within its current range is accumulation before the next medium-term impulse. Separately, a Russian deputy finance minister announced that unqualified investors in Russia will soon be allowed to legally purchase Bitcoin, Ethereum, and popular stablecoins, with an annual limit of 300,000 rubles per intermediary.
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