After Bitcoin recently exceeded the $ 60,000 level, there was concern among investors about a possible return. Prominent analyst Rekt Capital highlighted the possibility that it could drop to $55,000, a drop of over 8% from its current value. Deep corrections observed in previous cycles fuel these concerns.
Predictions from Experienced Analysts
Analysts who follow Bitcoin say that while a deeper correction is unlikely, current sentiment points to the possibility of a local bottom or a slight pullback. Recent trends show that when Bitcoin experiences significant declines, it usually recovers quickly. Latest data suggests the market may already be at or near its local bottom.
Michaël van de Poppe Predicts Decline Before Rise
Leading cryptocurrency analyst Michaël van de Poppe expressed concerns about the near future of Bitcoin. According to Van de Poppe, it seems possible that Bitcoin will fall to the $ 60,000 region before rising again, stating that a bull trend may begin here. He also notes that the upcoming Ethereum ETF launch could impact Bitcoin's return.
David Portnoy's Strategic Acquisition Plan
David Portnoy, the founder of Barstool Sports and a well-known entrepreneur, published a video in which he shared his Bitcoin purchasing strategy on his social media account. Portnoy stated that he sees no compelling reason to buy Bitcoin in the $60,000-$61,000 range, but is prepared to invest $5-10 million if the price falls below $50,000. His long-term investment approach reflects his confidence in BTC at lower levels.
Current Trends Among Long-Term BTC Holders
Latest data from CryptoQuant shows that ultra-long-term Bitcoin holders are currently shedding their holdings. While this selling trend is driven by the expectation of a stronger bull market, many holders are choosing to stay away from the market while BTC prices are falling. According to IntoTheBlock reports, long-term holders sold approximately $10 billion worth of Bitcoin in May 2024, but the rate slowed significantly in June. At the end of the first quarter, Bitcoin encountered major resistance and its price fell below $60,000.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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