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The Bitcoin (BTC) market is on the brink of concluding a six-month candlestick with a bullish outlook, following significant losses endured during last year’s cryptocurrency bear market. Should the current bullish sentiment persist over the next few hours leading into July, the Bitcoin market will achieve the distinction of two consecutive three-month green candlesticks.
Historically, the Bitcoin macro bull market has been triggered by a six-month close in the green. With Bitcoin halving event less than a year away, experts agree the increased institutional crypto demand will fuel a rising trend in the coming quarters.
Read on to know more.
Bitcoin’s Roadmap to $40k
After revisiting a critical resistance level around $31k last Friday, Bitcoin’s price is likely to surge towards $40k in the upcoming months. Jason Pizzino, a renowned analyst, asserts that a June close above $30k will serve as a catalyst for a new macro bull market. Pizzino further argues that Bitcoin’s price is expected to rally even higher, given its historical tendency to achieve 70 percent bullish closes in July over the past decade.
In the short term, the analyst argued that Bitcoin is likely to retrace below $29k. Furthermore, there are signs of a possible double top pattern, coupled with a falling divergence indicated by the daily Relative Strength Index (RSI), which often precedes market reversals.
Is the King Losing its Throne?
As leading altcoins, such as Litecoin (LTC), Solana (SOL), and Bitcoin Cash (BCH), registered double-digit percentage gains in the past 24 hours, Bitcoin’s dominance declined by 1 percent on Friday, settling at approximately 51.75 percent. Nevertheless, Bitcoin dominance is unlikely to experience further decline if the underlying value surpasses $31k.