Top Price Predictions for Bitcoin, SHIB, Hedera Hashgraph, Cardano; What Investors Should Expect in July
July is off to a relatively good start as the Bitcoin price is trading higher on a 7-day basis. BTC’s climb to highs of $34,953 on July 3rd coincided with the largest drop ever in Bitcoin Mining Difficulty. The steep plunge in Bitcoin difficulty which bodes well for active Miners has led up to a corresponding decrease in transaction fees.
Notably, the previous months of May and June weren’t too generous to Bitcoin and the rest of the crypto market, as most digital assets trimmed off gains accrued in Q1 2021. The month of July presents another opportunity to crypto investors who hope for a return to previously established highs. This seems to fall in line with Tron CEO, Justin Sun’s early prediction of a “price adjustment” in June before a subsequent rally in July and August.
Regulation may be another key item to consider, given the fact that the market declines in May and June came off the various regulatory crackdowns. In other news, Thailand SEC is investigating Binance for operating a digital business without a license. This comes after Binance’s prohibition from conducting crypto business in the United Kingdom.
Here Is What Crypto Investors May Expect
A key event that may affect Bitcoin price in July remains the unlocking of 16,000 BTC worth of GBTC shares. Some analysts, including strategists at JPMorgan, believe that this may add more to Bitcoin’s selling pressure as accredited investors are likely to sell at least a portion of their GBTC holdings after the unlocking period.
Nevertheless, other analysts believe that the event will flush sellers from the market in July, reigniting the bullish potential to break new all-time highs.
Meanwhile, Bitcoin prices remain under pressure in the $30,000-$40,000 zone. Some analysts predict Bitcoin’s bearish scenario to be a loss of the $30k level. Crypto analyst, RektCapital stated on July 3rd ”Bitcoin is once again very close to challenging for a breakout from this down-trending wedging structure”. A breakout in this scenario might lead to a retest of the $40k level.
Shiba Inu (SHIB)
SHIB progressed in its recovery journey from June 22 lows of $0.00000560 after Tesla CEO, Elon Musk tweeted on June 25 “My Shiba Inu will be named Floki”. Nonetheless, the breakout was short-lived, and SHIB returned into a consolidation.
The Shiba Inu price action is constructive, but if the current consolidation evolves into a deeper pullback, SHIB may test lows of $0.00000550. On the contrary, analysts predict a more reasonable Shiba Inu price target to be in the range of $0.00001204 -$0.00001214. SHIB traded at $0.00000869 as of press time.
Cardano may be set for positive returns in July ahead of the Cardano Alonzo smart contract hard fork. Lark Davis ”Cryptolark” predicts:
“Cardano is about to enter the smart contract era finally. This means that Cardano is going to be able to start doing stuff…All of that stuff is going to explode when we have smart contracts coming in.”
Already, more than $31 billion worth of ADA has been staked ahead of the launch. Cardano’s price has recovered from June 22 lows of $1.00 to presently reach $1.44 in today’s trade. Bullish calls on ADA price predict a target beyond the $1.54 mark.
Hedera Hashgraph (HBAR)
Hedera Hashgraph is another crypto asset that has seen an expanding use case. On June 30, centre_io announced that it was going to enable its users to issue USDC on additional blockchain platforms, thereby stating that USDC will become available on the Hedera blockchain.
In its support for carbon neutrality, DOVU, the tokenized data economy for DeFi carbon offsetting, powered by Hedera Hashgraph, has created a carbon calculator for anyone to understand how many kilograms or tonnes (super users) of carbon they’ve generated in terms of carbon debt. Bullish calls on HBAR price predict a target of $0.25, however, the likely chances of consolidation remain in the near term.
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