Crypto Briefing 7/2/23 – The Forecast

Crypto Briefing 7/2/23

Crypto Briefing 7/2/23

Each day that BTC remains in this consolidation box increases the chance of Bitcoin remaining in a trading range. The lower the Bitcoin price, the less explosive a possible altcoin move will be.  Conversely, the lack of momentum on Bitcoin’s part could be an indication that money is about to rotate into the altcoin market. Our window for a move in the altcoins is from July to early August. However, after that timeframe, we feel there is a high probability of a countertrend move in the market.

XRP has the potential of triggering a move in the altcoins. The most likely outcome for the case is that Ripple will win the case on certain issues, but may be found guilty of not following certain securities laws. The question becomes whether will Ripple win on the issue of XRP being an unregistered security and if this verdict will provide greater clarity to the crypto industry. Irrespective of the outcome of this case, expect the losing party to appeal the court’s decision to the Supreme Court. If the market does not price this in, it could create additional volatility for XRP and possibly the altcoin market.

HBAR has broken out of its small pullback bear trend. Hedera has the potential of regaining some of its lost ground over the next few weeks. Once HBAR is able to surpass the $0.05 level, the next major piece of resistance will be at $0.08.

If you are a believer in the four-year cycle for altcoins which has occurred over crypto’s short history, then Algorand has the potential of being a terrific buy.