Crypto market analyst Ali Martinez expects a price rebound for the Bitcoin (BTC) price in July after a month of bearish momentum.

According to Martinez’s X post on Sunday, the Bitcoin price recorded an average price rebound of 7.98% in July after a “negative June.” Data shows that the BTC price plunged by 9.25% over the past 30 days. 

Bitcoin recorded a 30-day-high of $71,907 and a low of $58,554 in the mentioned timeframe. 

Moreover, data provided by Martinez shows that Bitcoin’s largest average price return of 46.81% happened in November. 

Bitcoin gained a slightly bullish momentum over the past 24 hours, rising by 0.94%. The flagship cryptocurrency is currently trading at $61,450 at the time of writing. BTC’s market cap again surpassed the $1.2 trillion mark with a daily trading volume of $13.1 billion.

Due to the declining trading volume, lower price volatility and liquidations would be expected for Bitcoin. 

On the other hand, Billionaire entrepreneur and Bitcoin supporter Peter Thiel believes that the BTC price might not witness a dramatic rally. Thiel’s comments come while he still holds a portion of Bitcoin. 

Last year, Thiel’s Founders Fund invested roughly $200 million in Bitcoin when the asset’s price was hovering at around $30,000. 

Bitcoin’s downward momentum started on June 10 when the spot BTC exchange-traded funds (ETFs) in the U.S. recorded their first set of net outflows in one month. 

Last week, spot BTC ETFs saw $137.2 million in net inflows in their last four trading days. This pushed the total amount of ETF net flows past the $14.5 billion mark. 

A widely followed crypto analyst is issuing a warning about the second-largest digital asset by market cap.

Veteran trader Peter Brandt warns his 707,300 followers on the social media platform X that top altcoin Ethereum (ETH) could soon see an epic crash that sends it below $700.

“Classical chart patterns in price charts are not sacred – they fail to perform according to the textbooks all the time.

But, if the rising wedge in Ethereum complies with the script, the target is $1,000, then $650.

I shorted ETH on Friday — I have a protective B/E stop.”

When questioned by a follower if the pattern Brandt characterized as a rising wedge was not interpreted as an ascending triangle, a typically more bullish technical analysis pattern, Brandt offers further insight into his technical analysis process.

“1. I did consider (and still might consider) the ascending triangle interpretation.

2. When in doubt on a pattern I look at [the] closing price line chart — in this case, a wedge.
3. Too many on Twitter are calling this an ascending triangle – my contrarian tendencies.
4. Super low risk shorting set up.”

With ETH currently worth $2,156 at time of writing, a fall to $650 would represent a nearly 70% decline for the leading smart contract platform.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/CYB3RUSS

A widely followed crypto analyst is issuing a warning that most altcoins are in the midst of severe downtrends that will ultimately keep them below their all-time highs forever.

In a new video update, crypto trader Benjamin Cowen tells his 787,000 YouTube subscribers that most altcoins currently find themselves in “serious declines” that are being overlooked due to Bitcoin’s (BTC) relative resilience.

Cowen also notes that if Bitcoin were to decline, it would crush altcoins even worse.

“A lot of altcoins in the top 100 that are in pretty serious declines right now and a lot of people are completely ignoring it… The only reason people are ignoring it is because Bitcoin’s doing okay so it’s easy to discount [altcoins]…

If you want exposure to the cryptoverse in the pre-halving year, Bitcoin can often offer you a decent amount of exposure to the upside while also minimizing your downside risk in the altcoin market. Some people think that that means that Bitcoin can’t go down – it can.

I mean it went down in the second half of 2019, it even went down in the early phase of the halving year last cycle, so it can go down. It’s just that if it does go down it’s likely going to take the altcoin market with it.”

According to Cowen, very few altcoins that exist right now will ever hit new all-time highs again.

“I think that as a whole the altcoin market will recover. The issue is not ‘will the altcoin market recover?’

In my mind, it’s ‘will the altcoins that people are [dollar cost averaging], will those recover?’ And there might be one out of 10 or one out of 50 or one out of 100 that go on to put in new all-time highs but a lot of them can just go away.”

Cowen goes on to note that the next bull market could be sparked by a massive capitulation event for BTC that rinses out weak hands before springing to the upside.

“Even Bitcoin will probably bend the knee and we’ll have to figure out how low the secondary scare goes before we really get that move into sort of a more sustained bull market.

There’s one interesting thing to look at with Bitcoin in the last two cycles and that [is] what really kickstarted the bull market… The real move to all-time highs did not come until [a] massive capitulation wick.”

Bitcoin is trading for $27,927 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/tdhster/Andy Chipus