Bitcoin’s recent rally to a fresh all-time high of $123K has sparked optimism, but the mood across the market is currently mixed. The cryptocurrency is now consolidating near $118,000, and according to Galaxy Digital’s Michael Harvey, this could be a “pause for air” before another potential leg up by the end of July.
Will Bitcoin Price Hit a New All-Time High Before July Ends?
Michael Harvey, head of franchise trading at Galaxy Digital, believes Bitcoin could still hit a new all-time high before the month ends, but only if several bullish conditions align. He describes the most optimistic path as a “slow melt-up,” powered by continuous inflows into U.S.-based spot Bitcoin ETFs, ongoing accumulation by Bitcoin treasury firms, and a noticeable increase in retail investor interest.
ETF flows have been strong, and institutional accumulation remains consistent, supporting the bullish outlook. However, retail activity, typically a key driver of Bitcoin blow-off tops, is still uncertain. While Coinbase has climbed to #137 on the Apple App Store, indicating rising curiosity among retail users, Google Trends data shows that searches for “Bitcoin” remain relatively low.
Could Bitcoin Price Drop to $110K Before the Next Rally?
Harvey also outlined a cautious view. A pullback triggered by profit-taking or broader equity market weakness could drag Bitcoin down 5–10%, putting $110,000 at risk. Such a correction wouldn’t necessarily end the bull market, but it would signal temporary weakness and a break in momentum.
Will the Bitcoin Bull Run Peak in October 2025?
Adding to the broader outlook, crypto analyst Rekt Capital suggests this cycle might peak in October, roughly 550 days after the April 2024 halving, following the same timeline as the 2020 cycle. This implies we only have a few months of strong upward movement left before the cycle matures. This could be true because Bitcoin still holds a massive $2.33 trillion market cap with $81.67 billion in daily trading volume, reflecting strong institutional confidence. The 18.9% volume surge shows ongoing professional interest, even as prices pull back from recent highs.
CryptoQuant notes that the Short-Term Holder MVRV ratio is currently below the profit-taking threshold (~1.35), suggesting Bitcoin still has room to climb 20–25%. With the recent consolidation resting on solid technical footing, a rally into the $140K+ range remains a viable target.
For now, Bitcoin sits in a wait-and-see phase. Whether it’s gearing up for another July breakout or simply catching its breath, the next few weeks could determine how the rest of this bull run unfolds.
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FAQs
Galaxy Digital’s Michael Harvey believes a new Bitcoin ATH in July is possible, contingent on sustained ETF inflows, treasury firm accumulation, and increased retail interest.
Crypto analyst Rekt Capital suggests the current Bitcoin bull run might peak in October 2025, about 550 days after the April 2024 halving, following historical patterns.
Bitcoin’s market sentiment is mixed but optimistic, driven by strong ETF flows, institutional buying, and signs of increasing retail curiosity, despite some consolidation.
