The month of July brings potential launches of spot Ethereum ETFs, as well as other major developments in the crypto market. Bitcoin’s price is currently above $60,000 but may see a multi-month low due to a double-top pattern indicating a downward trend. The possibility of BTC dropping to $50,982 is significant, especially with the impact of the “sell in May and go away” trend on spot BTC ETF inflows.
Arbitrum, the second-largest Layer-2 token, is facing a price decline and the threat of a new all-time low. The bearish reversal chart pattern suggests a target price of $0 for ARB, but a bounce back from $0.739 could invalidate this thesis. NFTs, once a prominent asset in 2022, are experiencing a significant decline in trading volume due to lack of innovation and competition from alternative investment options like AI tokens.
Bitcoin’s price could potentially bounce back from $60,000 to invalidate the bearish thesis. Arbitrum’s price decline could result in a new all-time low, but a bounce back from $0.739 might lead to a breach of $0.929. NFT trading volume has plummeted over the past three months, with investors turning to AI tokens and real-world assets instead. As bearish market conditions persist, NFT trading volume may continue to decline further.
In conclusion, the crypto market is facing several key developments in July, with Bitcoin and Arbitrum potentially facing price declines. NFTs are losing traction as investors explore alternative investment options, leading to a decline in trading volume. It is important to conduct thorough research and consult with professionals before making any financial decisions in the volatile crypto market.