Thomas Daniels
Bitcoin’s recent rally to a record high of $122,884 may face a near-term consolidation, but another all-time high by the end of July remains firmly within reach, according to Michael Harvey, head of franchise trading at Galaxy Digital.
Speaking to Cointelegraph, Harvey stated that a moderate cooling in Bitcoin’s momentum would be a natural reaction to its recent surge. “Consolidation around current prices is my base case given the large rally and new ATH,” he said.
ETF Inflows and Institutional Accumulation Support Bullish Outlook
Despite the potential pause, Harvey maintains a bullish medium-term outlook. “I do expect BTC to trend higher into the year-end,” he said, describing the “best case” scenario for July as a “continued slow melt-up.” Realizing such gains, he noted, will depend heavily on robust capital inflows into U.S.-based spot Bitcoin ETFs, consistent accumulation from corporate treasuries, and increased participation from retail investors.
Spot Bitcoin ETFs have recently seen sustained inflows, while institutional demand continues to rise. Signs of growing retail interest are emerging, with Coinbase climbing to No. 137 on the U.S. Apple App Store. However, a lack of significant upticks in Google searches for “Bitcoin” implies that broader retail momentum has yet to materialize.
At the time of publication, Bitcoin had retraced modestly to $118,098, according to Nansen data.
Downside Risks Remain Amid Broader Market Volatility
Harvey also outlined a bearish scenario, warning that a pullback to below $110,000 remains a possibility. “The bear case is a risk-off move driven by profit taking and/or equity market weakness, which I believe could see BTC retrace 5–10%,” he explained.
This sentiment is echoed by crypto analyst Rekt Capital, who cautioned earlier this month that the current cycle could enter its final growth phase. If Bitcoin mirrors its 2020 trajectory, the market may peak by October—roughly 550 days post-halving, a critical juncture that occurred in April 2024.
