Bitcoin was heavily under pressure to sell on Monday. This continued a downward trend that began on the 7th of June when its price peaked at $72,000.
BTC It has lost over 15% in value since it tested $60,000, which is the level at which the coin was last seen. Bitcoin’s decline triggered an altcoin crash, which saw tokens such as Cardano, Solana and Turbo fall by more than 20 percent.
Bitcoin: The Bullish Case
The fear and greed indicator has dropped from its year-to date high of 90 to just 49.
However, there are analysts who remain optimistic that Bitcoin will continue to rise. Rekt fencer, a crypto analyst who writes for X explained in a post that BTC would bounce back this year.
He gave several examples of catalysts for Bitcoin’s rise. The first thing he said was that Bitcoin usually consolidates after it has been halved. This is most likely due to the idea of Buy rumours and sell facts.
The Bitcoin price was much higher after the Bitcoin halves. approval of spot Bitcoin ETFs This consolidation is taking place as investors wait for the next catalyst. Investors are waiting for the next catalyst, so this consolidation occurs as they wait. Bitcoin’s consolidation in 2016 was 4 months following its halving, while it will be 5 months long in 2020.
Rekt outlined three other reasons that are contributing to the current market consolidation. These include the fact that the summer is stagnant, uncertainty surrounding the Ethereum ETF and a lack of clear narrative. The narrative is also very negative. Headlines like Germany’s sale of $3 billion Bitcoins or ETFs recording outflows worth almost $1 million are just a few examples.
Rekt is therefore confident that Bitcoin’s price will eventually bounce back. Rekt believes that the price of Bitcoin will eventually bounce back.
Altcoins such as Ethereum, Solana IOTA and Hedera Hashgraph will benefit
Rekt is of the opinion that altcoins, including meme coins like Bonk, Pepe and Floki will benefit as well from Bitcoin’s rebound. Altcoins such as meme currencies like Bonk and Pepe tend to do better during bull runs than Bitcoin.
Ethereum will increase in price because SEC announced that most ETF applications will be approved soon. As we witnessed with Bitcoin, such a move would likely result in more inflows. It will be at a point when Ethereum’s volume has increased. balances in exchanges The sky is falling.
Solana will also gain when SEC approves Ethereum ETFS. It is expected that Solana, as one of most liquid and largest altcoins, will be filed for ETFs. Last week in Toronto, 3iQ Digital Asset Managent applied for North America’s first Solana ETF.
If this estimate is right, then other altcoins, such as IOTA and Hedera Hashgraph will continue their rise.
Price chart of bitcoin
There are still risks associated with the bullish BTC and altcoins prediction. Bitcoin’s triple-top pattern has been formed at $72,000. This is the most important. This pattern, in most cases is the most bearish and could indicate further downside if it crashes below the neckline of $56,520.
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Source: crypto.news
