Bitcoin could be in for a brief consolidation phase after its recent surge to new all-time highs — but another leg up before the end of July isn't off the table, according to Galaxy Digital's head of franchise trading, Michael Harvey .
Harvey told Cointelegraph that consolidation around current prices is his base case given the large rally and new ATH . He expects Bitcoin will “trend higher” into the end of 2025 . He added that the best case BTC price into month end is a continued slow melt-up .
He explained that reaching new highs by the end of this month is the best case scenario and would require ongoing strong inflows into the US-based spot Bitcoin (BTC) exchange-traded funds (ETF), continued accumulation by Bitcoin treasury firms, and an aggressive increase in retail demand .
While spot Bitcoin ETFs have been posting strong inflows recently and demand from Bitcoin treasury firms keeps rising, there is still debate within the industry about whether retail demand has arrived yet . Coinbase recently jumped to No. 137 on the US Apple App Store, a hopeful sign that retail interest might be picking up . However, the low number of Google searches for “Bitcoin” suggests that broader retail demand hasn't started .
Bitcoin reached a new all-time high of $122,884 on Monday, before retracing to $118,098 at the time of publication, according to Nansen data .
However, Harvey also outlined a worst-case scenario for Bitcoin in the near term, where the price could drop back below $110,000 .
On July 14, Bitcoin reached a new ATH, hitting prices above $123,000 . Bitcoin's price is supported by rising global adoption, continued institutional interest, and optimism in the crypto industry .
According to our current Bitcoin price prediction, the price of Bitcoin is predicted to rise by 14.88% and reach $ 137,628 by August 16, 2025 .
Bitcoin price prediction for mid July 2025 remains bullish after a successful breakout to a new ATH near $122K . With institutional flows and ETF demand at record highs, Bitcoin price is predicted to surge by 3%–5%, reaching $125,000–$128,000 by mid-to-late July .