The big bull run is coming! 5 reasons why Bitcoin is about to rise!
1. Miner capitulation
Miner capitulation usually indicates a market bottom, and recent data shows that Bitcoin miners are facing huge pressure. The percentage of Bitcoin's real hash rate decline has reached 7.6%, which is comparable to the level when Bitcoin was trading at $16,000 during the FTX crash.
2. German Bitcoin sell-off ends
The German government recently ended a massive Bitcoin sell-off that began on June 19. Over the past few weeks, the market has absorbed nearly $3.5 billion worth of Bitcoin liquidations. Despite the huge selling pressure, the price of Bitcoin remains strong at around $58,000.
3. Bitcoin whales' hoarding
Whale activity usually plays a vital role in the cryptocurrency market, and recent data shows that the market is bullish. According to statistics, Bitcoin whales have purchased another 71,000 BTC in the past week. These whales took advantage of the decline caused by the German sell-off.
4. Global inflows into Bitcoin ETFs
Global inflows into Bitcoin exchange-traded funds (ETFs) are impressive. Hong Kong's Bitcoin ETF has increased its reserves by 28.6% since the end of June, reaching 4,941 BTC as of July 13.
5. The probability of a Fed rate cut is high
Both economic indicators and Fed signals indicate a high probability of a rate cut, which could have a significant impact on Bitcoin's price. It is predicted that the Fed will cut interest rates after a reversal in the U.S. stock market.
