💥💥💥 Bitcoin ‘#Banana Zone’ is next if these 3 indicators play out
Bitcoin is poised to enter the "Banana Zone," a phase characterized by potentially significant price increases, according to Julien Bittel from Global Macro Investor (GMI). This transition, coined by GMI founder Raoul Pal, signals a period of anticipated bullish momentum.
However, analysts caution that several critical trends must reverse for a sustainable recovery:
1. Bitcoin Miner Selling: IT Tech from CryptoQuant highlights the need for decreased miner selling. Mining revenue has declined sharply since Bitcoin's peak at $73,679 in March, contributing to upward selling pressure.
2. Stablecoin Inflows: The absence of new #stablecoin issuances has reduced liquidity. Over two months, stablecoins held in exchange reserves dropped by nearly 10%, totaling $21.96 billion, impacting price stability.
3. Outflows from Spot #BitcoinETFs : Significant outflows from ETFs like Fidelity and Grayscale exacerbate selling pressure. Recent reports show substantial outflows, including $83.1 million from Fidelity and $62.3 million from Grayscale on June 18.
Bitcoin's current trading price is $64,966, reflecting a 2.35% decline over the past month and a 12% drop from its March peak of $73,679. Altcoins like Solana ($SOL ), Dogecoin ($DOGE ), and Shiba Inu ($SHIB ) have faced steeper losses recently, declining 8.23%, 11.67%, and 16.31% respectively over the past week.
While Bittel characterizes Bitcoin's recent price action as stagnant, suggesting a period of sideways movement, traders like Rekt Capital anticipate a potential price reversal with a break of the current downtrend line observed throughout June.
Source - cointelegraph.com
