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Bitcoin (BTC) Price Prediction and Analysis in July 2020

In today’s article, we will be inspecting BTC’s past prices and market predictions so that we can try to come up with a Bitcoin price prediction for July 2020.

Bitcoin Overview

Bitcoin is the number one crypto according to a market cap of $172,734,343,853 and a trading price of $9,381.94. There are currently 18,411,368 BTC in circulation out of a total of 21.000.000 BTC. $16,835,566,664 worth of Bitcoin has been traded in the last 24 hours.

Bitcoin Price Prediction: Analysis

June started on a positive note for Bitcoin, as it went from an opening price of $9.463,61 and managed to get past the $10,000 resistance it had been trying to overcome for some time now, closing the day at a price of $10.167,27. The next day, BTC lost its gains and went down to $9.529,80 towards the end of the day. Up until June 9th, BTC traded closely between $9,700 and the lower end of $9,800. Then, on June 10th, the coin surged back to $9,900, reaching a high of $9.938,30 on June 11th, but the pullback was strong and applied a huge correction to $9.321,78.

Bitcoin closed that week with a 4.31 percent loss, at a price of $9.386,79, suggesting that the short-term bulls that had been waiting for the coin to get above $10,500 are selling their positions.

BTC/USD daily chart. Source: Tradingview

On June 15th, the Bitcoin price fell under $9,000 to an intraday low of $8.990,18. But this dip gave BTC the boost needed to get back to its $9,000 position and put things in motion for a new bull rally. As more buyers entered to buy low, the price of BTC has steadily recovered to take back the resistance at $9,500. It seems that the bulls are working hard to bring back Bitcoin above $10,000.

btc_jun16_4h-min
btc_jun16_d-min

The current pivot, resistance, and support levels calculated by WalletInvestor are:

  • Resistance Level (R3): 10154.38
  • Resistance Level (R2): 9829.620
  • Resistance Level (R1): 9640.160
  • Pivot Point: 9315.400
  • Support Level (S1): 9125.940
  • Support Level (S2): 8801.180
  • Support Level (S3): 8611.720

Developments

The daily trading volume Bitcoin (BTC) futures saw a deep dive from $20 billion on June 11 to about $5 billion on June 13. The volume saw growth during the sharp drop on June 11 but diminished when it rebounded on June 12 and 13.

On June 14, while Bitcoin saw a drop below $9,000, the futures volume started going up, indicating a higher number of bearish trades and less bullish trades during price corrections.

As trading volumes dropped, for the first time in three months, open interest on Bitcoin derivatives rose to $4 billion. This shows that long-term traders are not liquidating their positions yet.

As the date of another futures and options expiry draws near, traders are showing anxiety, as BTC has not managed to surpass the $10,000 mark again. Over 100,000 Bitcoin options with a total worth of $930 million are scheduled to expire on June 26. This number signifies nearly 70% of the total open interest of Bitcoin.

Bitcoin Price Prediction: Market Opinion for July 2020

As several of crypto forecasting sites made their own Bitcoin price prediction for July 2020, we have featured some of these predictions below so that we can provide a more comprehensive market sentiment regarding the future price progress of BTC.

Longforecast

Longforecast estimated that BTC will start trading at $9239 when July begins. They also predicted that the maximum price of the coin for this month would reach $10898, while the minimum price will be around $8099. The monthly average was calculated at a price of $9322. The closing price was estimated to reach $9052, change for July -2.0%.

Digitalcoinprice

Digitalcoinprice‘s Bitcoin price prediction places the coin at a price of $22,644.95 in July, which marks an increase of 137.86%.

Tradingbeasts

Tradingbeasts forecasted that Bitcoin would start July at a price of $8,358.220. The maximum price for the month expects the coin to reach $10,440.237, while the minimum price was set at $7,099.361. Bitcoin is expected to close July at a price of $8,352.190, with a change of -11.18%.

Coinpredictor

Coinpredictor projected that Bitcoin will drop with -22.6% in July, meaning that the coin will be trading at $7,137.53.

Gov.capital

Gov.capital posted that Bitcoin’s trading price for July 1st will be $10115.42, with a maximum price of $11632.733 and a minimum price of $8598.107. Below are the rest of the predictions for all the days in July.

Calendar dateRegularLeast possible priceBest possible price
2020 July
2020 July 01, Wednesday 10115.42 8598.107 11632.733
2020 July 02, Thursday 9996.994 8497.4449 11496.5431
2020 July 03, Friday 10419.88 8856.898 11982.862
2020 July 04, Saturday 10646.30 9049.355 12243.245
2020 July 05, Sunday 10406.00 8845.1 11966.9
2020 July 06, Monday 10508.02 8931.817 12084.223
2020 July 07, Tuesday 10498.06 8923.351 12072.769
2020 July 08, Wednesday 10700.21 9095.1785 12305.2415
2020 July 09, Thursday 10933.46 9293.441 12573.479
2020 July 10, Friday 10875.39 9244.0815 12506.6985
2020 July 11, Saturday 10496.60 8922.11 12071.09
2020 July 12, Sunday 10394.29 8835.1465 11953.4335
2020 July 13, Monday 10386.99 8828.9415 11945.0385
2020 July 14, Tuesday 10208.55 8677.2675 11739.8325
2020 July 15, Wednesday 10019.28 8516.388 11522.172
2020 July 16, Thursday 10015.18 8512.903 11517.457
2020 July 17, Friday 9898.344 8413.5924 11383.0956
2020 July 18, Saturday 10357.19 8803.6115 11910.7685
2020 July 19, Sunday 10463.29 8893.7965 12032.7835
2020 July 20, Monday 10608.92 9017.582 12200.258
2020 July 21, Tuesday 10684.44 9081.774 12287.106
2020 July 22, Wednesday 10690.21 9086.6785 12293.7415
2020 July 23, Thursday 10630.50 9035.925 12225.075
2020 July 24, Friday 10629.00 9034.65 12223.35
2020 July 25, Saturday 10806.51 9185.5335 12427.4865
2020 July 26, Sunday 10626.01 9032.1085 12219.9115
2020 July 27, Monday 10594.98 9005.733 12184.227
2020 July 28, Tuesday 10657.89 9059.2065 12256.5735
2020 July 29, Wednesday 10677.42 9075.807 12279.033
2020 July 30, Thursday 10632.49 9037.6165 12227.3635
2020 July 31, Friday 10692.46 9088.591 12296.329

Cryptorating

Cryptorating’s Bitcoin price prediction for July estimated that the coin will increase with 25.49%, which would set BTC at $11 985.90.

Cryptoground

Cryptoground forecasted that BTC will reach, in July, a price of $9,736.8819, marking a change of 2.24%.

30rates

30rates made predictions for the first 20 days of July, along with the minimum and maximum values of each particular day.

07/01Wednesday$8441$9711$9076
07/02Thursday$8553$9841$9197
07/03Friday$8679$9985$9332
07/06Monday$8099$9319$8709
07/07Tuesday$8748$10064$9406
07/08Wednesday$8523$9807$9165
07/09Thursday$8773$10093$9433
07/10Friday$8631$9931$9281
07/13Monday$8985$10337$9661
07/14Tuesday$9348$10756$10052
07/15Wednesday$9289$10687$9988
07/16Thursday$9472$10898$10185
07/17Friday$9001$10357$9679
07/20Monday$9017$10375$9696

Bitcoin Price Prediction: Verdict

With this, we have reached the end of our Bitcoin price prediction for July 2020. From the data and predictions, we have analyzed, the market sentiment is largely positive for Bitcoin and expects the coin to break the $10,000 mark soon.

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