Biggest Crypto Predictions for July 2024

The month of July was mainly focused on the launch of spot Ethereum ETFs. However, Bitcoin and a few other critical assets have equally big things ahead of them.

BeInCrypto has rounded up what major developments are likely to impact the crypto market in the coming month.

Bitcoin price could see multi-month low.

At the time of writing, the price of Bitcoin is at $61,150, holding itself above the $60,000 mark. While many fear that market volatility could push it below that level, it misses the big picture.

BTC can be seen forming a double-top pattern on the weekly chart. This macro bearish pattern indicates that the asset may be set for a downtrend. Bitcoin price is seen breaking below the neckline at $61,483.

This breakdown may find some support at $58,874, but the pattern suggests a much bigger downside. The target price sits 17% below the neckline at $50,982, which would be a four-month low for BTC.

The possibility of this happening is very strong, considering the idea of ​​”sell in May and get out” continues to influence the flow of BTC ETF. Combine this with the volatility of the crypto market and it is very possible to get down.

Read more: Half a story of Bitcoin: Everything you need to know

However, Bitcoin's price may bounce back from $60,000 or $58,847 to reject the bearish script. This will be confirmed if the $62,000 is returned as support.

Arbitrage could see a new all-time low.

Arbitrage's rate cut is expected, but the risk of a new all-time low is a concern. ARB, the second-largest Layer-2 token behind Polygon (MATIC), has seen demand drop sharply in recent weeks, leading to a sharp drop in price. Since early March, it has fallen more than 60% to $0.799, forming a head and shoulders pattern.

A head and shoulders pattern is a bearish reversal chart pattern with three peaks – a high middle peak (the head) flanked by two low peaks (shoulders). After the neckline is broken, a bullish to bearish trend may occur.

Based on this pattern, the arbitrage target price is predicted at $0. But this is pointless because ARB is essentially a solid asset. A new all-time low is the most likely outcome for ARB as it currently sits above the low of $0.739.

Changing market sentiment can accelerate this decline, and before the end of July, ARB can see a new ATL.

Read More: Arbitrum (ARB) Price Forecast 2024/2025/2035

On the other hand, if the arbitrage price can pull back from $0.739, it could take a shot at breaching $0.929. A successful attempt could send ARB over $1.00, making the think tank worthless.

NFTs are dying.

Non-fungible tokens (NFTs) gained popularity in 2022, but their performance since then has been disappointing. There was some resurgence of activity and demand in Q1 this year.

However, this revival appears to be short-lived. In the last three months, the total volume of trade has dropped from $38.8 million to $7.9 million, a decrease of 81%.

Read more: 7 Best NFT Marketplaces to Know in 2024

The reason behind this failure is twofold. First, the lack of innovation in this space has made it less desirable. Second, there has been an increase in alternative investment options and assets such as real-world assets (RWA).

The rise of artificial intelligence (AI) tokens has attracted the attention of investors. Given the potential of AI development, crypto investors are more inclined to choose them.

As a result, NFT trading volume may decrease further as bearish market conditions and the aforementioned factors strengthen.