What is the July 2023 crypto trend forecasting for Bitcoin, Ethereum and BNB? Gracy Chen, managing director of Bitget’s crypto-exchange, has expressed her views.
Summary
Bitcoin, Ethereum and BNB: forecasting for July 2023 from Bitget’s Gracy Chen
Gracy Chen, managing director of Bitget‘s crypto-exchange, shared her forecasting for July 2023 regarding the trend of Bitcoin, Ethereum, and BNB.Â
To begin with, Chen’s reasoning is based on recent news about the three crypto assets. Regarding Bitcoin (BTC), it appears that the Federal Reserve’s news of having to raise interest rates twice in the second half of the year will come down to July, given that in June those rates remained unchanged.
Obviously, these interest rates are affected by movements in inflation, which, with the drop in June, allowed the Fed to stop raising rates.Â
Not only that, Chen is also considering the latest bullish price of BTC due to the applications submitted by BlackRock, WisdomTree and Invesco to the US SEC to issue an ETF based on spot Bitcoin.
These events have been a catalyst for the price of BTC, which has surpassed $30,000 this June.
In addition, the crackdown unleashed by the SEC on popular crypto-exchanges Binance and Coinbase this month appears to be easing, according to Chen.Â
That said, the July 2023 forecast for BTC sees a bullish trend that would take Bitcoin to the $34,000-$35,000 price range. However, Chen warns that if BTC fails to hold steady at $31,000 or $30,000, there is a high probability of a swing in the range of $29,000 to $31,000, which would set the stage for a potential new high.
Finally, if BTC falls below $29,000, the short-term risk increases, breaking the upward trend and leading to wider fluctuations in the range between $26,000 and $30,000.
Bitcoin, Ethereum and BNB: the situations for the other two crypto assets
Moving on with her analysis, Chen goes on to talk about Ethereum (ETH) and Binance Coin (BNB).
Recent news about the second largest crypto by market capitalization concerns its staking. Indeed, the total amount of ETH being staked on the network is 19.89 million tokens, with a staking rate of 16.53% and an annualized return of 4.2%.
Chen points out that this activity continues to attract funds, leading to a steady increase in the staking rate. On the other hand, Bitget’s managing director says that there has been a reduction in on-chain activity recently.
As for Binance Coin (BNB), the crypto has suffered the latest SEC charges against the crypto-exchange and its CEO, Changpeng CZ Zhao.
Chen says the situation is still manageable, and as a matter of fact during the same time, Binance also unveiled the launch of opBNB, the layer2 network on Op Stack that marks an improvement in transaction processing speed (TPS) and fee reduction.
Not only that, recently, Binance announced that it is working to integrate Lightning Network for Bitcoin deposits and withdrawals. All these achievements reinforce the expectations of users of the BNB chain.Â
The July 2023 trend forecasting of ETH and BNB
Regarding July trends, Chen sees ETH weaker than BTC. However, ETH demand is mainly influenced by the wealth effect of altcoins and memes, as well as the profitability of various market sectors.
This leads Bitget’s managing director to predict that for July, ETH could fluctuate within a range of $1,700 to $1,950.
Not only that, its correlation with BTC, also leads him to state that if Bitcoin manages to break through $31,000, it is expected to trigger a wave of altcoin trends, potentially leading ETH to attempt to break the previous resistance level around $2,141.
For BNB, its July 2023 trend will depend substantially on the outcomes of the lawsuit between the SEC and Binance. Sort of like what happened with XRP, Kraken, and other cases, it may be that this lawsuit could also be prolonged in time.
In this regard, BNB’s fluctuations could be in the range of $230 and $280. Again, Chen argues that if BTC crosses the $31,000 threshold, there is a possibility that BNB will challenge the strong resistance level in the range of $290 to $300.
