Bitcoin Price Analysis: BTC Settles Around $118,000, Is Another July All-Time High Possible?

Bitcoin (BTC) is marginally down over the past 24 hours, trading below the $120,000 mark. Analysts believe the flagship cryptocurrency’s rally is only taking a breather, and have not ruled out another bull run before the end of the month. BTC’s latest rally saw its price surge past $123,000, settling an all-time high of $123,091 before losing momentum as selling pressure returned, thanks to traders locking in their profits. Bitcoin Dominance Drops As Altcoins Rise Bitcoin (BTC) dominance fell as Ethereum (ETH) and Ripple (XRP) dominance rose sharply over the past week. However, analysts are unsure if the decline will translate into a sustained increase for altcoins. According to Adrian Fritz, head of research at Switzerland-based asset manager 21Shares, while altcoins are surging, there needs to be a trend reversal for the so-called “altcoin season” to begin. Bitcoin dominance stood at $2.3 trillion or 61% of the total market, according to data from CoinGecko. Meanwhile, Ethereum dominance jumped 23% and XRP dominance rose 23% as the latter hit a record high. Previous market cycles have seen altcoins surge after Bitcoin’s price has peaked, suggesting that traders pivot to other assets as the bull market continues. However, market dynamics have changed in recent years with the introduction of spot Bitcoin ETFs, allowing more investors access to the flagship cryptocurrency. Fritz added, “It’s hard to imagine that Bitcoin’s dominance drops to levels that we’ve seen in previous bull markets. Over the last year, the spotlight has definitely been on Bitcoin.” Satoshi-Era Whale Could Secure Unprecedented Profits A Satoshi-era whale who shifted the remaining 40,912 Bitcoin to Galaxy Digital could be on the verge of securing unprecedented profits after over a decade of holding the asset. The whale made an initial transfer of 40,009 Bitcoin on Tuesday, before transferring the remaining, worth nearly $5 billion. Blockchain on-chain data service Onchain Lens was the first to notice the transfer. The latest transfer means the whale has moved all his Bitcoin holdings, worth $9.6 billion, to Galaxy Digital. The whale has already transferred 6,000 Bitcoin to Binance and Bybit, according to blockchain intelligence platform Nansen. Kadan Stadelmann, chief technology officer at Komodo Platforms, stated that no one could be sure what the whale’s motivations are for moving his holdings. Stadelmann speculated that the whale may have decided it was a good time to secure “jaw-dropping profits.” “The whale may simply want stability for their family or plan to start a new venture. Maybe they are going to fund off-grid projects that align with the self-reliance vision of Bitcoin.” However, Stadelmann also suggested that the whale could have mixed feelings about liquidating their holdings after Bitcoin’s increasing institutional adoption. Bitcoin (BTC) Price Analysis Bitcoin (BTC) is marginally down over the past 24 hours, trading around $118,000. The flagship cryptocurrency has struggled to reclaim the $120,000 mark, facing repeated rejections since losing the level after Monday’s rally. Analysts believe BTC could enter a brief consolidation phase after recent record highs. However, they have not ruled out another rally before the end of the month. According to Michael Harvey, Galaxy Digital’s head of franchise trading, BTC could trend higher towards the end of 2025. “Consolidation around current prices is my base case given the large rally and new ATH. I do expect BTC to trend higher into the year-end, but pausing here for air would be realistic. I think the best case BTC price into month end is a continued slow melt-up.” Harvey stated that if bulls lose momentum and bearish sentiment takes over, BTC could drop back below $110,000. “Bear case is a risk-off move driven by profit taking and/or equity market weakness, which I believe could see BTC retrace 5-10%.” BTC started the previous week in the red, dropping 0.88% to $108,273. It recovered on Tuesday, rising 0.62% to $108,942. Buyers retained control on Wednesday as the price rose 2.12% to cross $111,000 and settle at $111,255. Bullish sentiment intensified on Thursday as BTC rallied, increasing 3.51% to cross $115,000 and settle at $115,134. The price continued pushing higher on Friday, rising 1.50% and settling at $116,885. Despite the positive sentiment, BTC lost momentum on Saturday, registering a marginal decline and settling at $116,616. The price recovered on Sunday, rising nearly 2% to cross $118,000 and settle at $118,624. Source: TradingView BTC aced past $123,000 on Monday, surging to a new all-time high of $123,091. However, it could not stay at this level and settled at $119,714, ultimately registering an increase of 0.92%. The price fell to an intraday low of $115,701 on Tuesday as selling pressure intensified. However, it recovered from this level and settled at $117,682, a drop of nearly 2%. BTC rose 0.82% on Wednesday 0.82% and settled at $118,641. The price reached an intraday high of $120,812 on Thursday. However, it could not stay at this level and settled at $119,101. BTC faced volatility and selling pressure on Friday. As a result, the price dropped 1.03% to $117,877. The current session sees BTC marginally up as buyers and sellers struggle to establish control. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Bitzo