Bitcoin may enter a short consolidation phase following its recent surge to record highs, but a further move upward before July ends is still a possibility, according to Michael Harvey, head of franchise trading at Galaxy Digital.
“Given the strong rally and new all-time high, my base case is consolidation around current levels,” Harvey said.
Bitcoin is expected to “trend higher” through the end of 2025
“I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic,” Harvey said, adding:
“I think the best case BTC price into month end is a continued slow melt-up.”
He noted that the best-case scenario—Bitcoin reaching new highs by the end of July—would depend on sustained strong inflows into U.S.-based spot Bitcoin ETFs, continued accumulation by Bitcoin treasury firms, and a significant uptick in retail demand.
While spot Bitcoin ETFs have seen solid inflows and treasury firm demand remains strong, there’s still uncertainty about whether retail interest has truly arrived. Coinbase’s recent climb to No. 137 on the U.S. Apple App Store hints at growing retail engagement, but the relatively low volume of Google searches for “Bitcoin” suggests widespread retail demand has yet to materialize.
Bitcoin hit a new all-time high of $122,884 on Monday before pulling back to $118,098 at the time of writing, according to data from Nansen.
The bearish outlook for Bitcoin places its downside risk below $110,000
Harvey also outlined a near-term bearish scenario for Bitcoin, where its price could fall back below $110,000.
“The bear case involves a risk-off environment triggered by profit-taking or weakness in the equity markets, which could lead to a 5–10% pullback in BTC,” he said.
Before Bitcoin surpassed its previous all-time high of $112,000 from May on July 9, crypto analyst Rekt Capital cautioned that this market cycle might have only a few months of upside remaining—particularly if it mirrors the historical pattern seen in 2020.
According to Rekt, if Bitcoin follows the same trajectory as the 2020 cycle, the market is likely to peak in October—approximately 550 days after the April 2024 halving.
