Bitcoin may experience a brief consolidation phase after hitting new all-time highs, but another surge before the end of July is still possible, according to Galaxy Digital’s Michael Harvey. He predicts BTC will trend higher into 2025, with the best-case scenario being a slow melt-up to new highs by the end of the month.

Harvey also outlined a bear case scenario where Bitcoin could drop back below $110,000 due to profit-taking or equity market weakness. Before Bitcoin broke its May all-time high, analyst Rekt Capital warned that the current cycle may only have a few months of price expansion left, potentially peaking in October following a historical pattern from 2020.

Bitcoin reached a new all-time high of $122,884 before retracing to $118,098 at the time of publication. While there is debate within the industry about whether retail demand has arrived yet, recent data shows strong inflows into spot Bitcoin ETFs and increased accumulation by Bitcoin treasury firms. Retail interest may be picking up, as evidenced by Coinbase’s surge on the US Apple App Store.

Read more at Cointelegraph: Bitcoin Price Pause Likely, But New July Highs Still Possible