Is it time to buy the bottom? Bitcoin is testing 58,000 again!

The current market sentiment is pessimistic. Is it time to buy? Ignas, a well-known opinion leader in the crypto field, pointed out that the price of Bitcoin may be manipulated by humans. Some large investors create deceptive sell orders by selling in large quantities, inducing retail investors and investment managers to sell in panic.

CryptoQuant recently released a report revealing that the income of miners has been worrying since the halving of Bitcoin. At present, the proportion of transaction fee income of Bitcoin miners has dropped sharply to 3.2% of the total daily income, the lowest level in nearly three months. Faced with such a reduction in incentives, miners may choose to shut down inefficient mining machines or even sell their Bitcoin to avoid risks. Historical experience shows that this is often a signal that the price of Bitcoin has bottomed out.

However, there are also signs that the price of Bitcoin may continue to decline.

Judging from the flow of funds in Bitcoin ETFs, Markus Thielen, founder of 10x Research, mentioned in his latest report that the average purchase cost of Bitcoin ETF buyers is about US$60,000 to US$61,000. Therefore, when the price of Bitcoin falls below $60,000, it may trigger a large-scale liquidation of ETFs, further suppressing the price of Bitcoin.

Markus Thielen also observed that Bitcoin's weekly and monthly technical indicators suggest that the market may experience a wider correction, and the price may fall to $55,000. Andrew Kang, co-founder of crypto venture capital firm Mechanism Capital, is more pessimistic. He believes that Bitcoin may experience an extreme correction and the price may even fall to the $40,000 range.

Despite this, the market remains optimistic about the long-term price of Bitcoin. Standard Chartered Bank predicts that Bitcoin may hit a record high in August and hit the $100,000 mark during the US presidential election in November. The bank's analysts also predicted that if Trump wins the election, the price of Bitcoin will be further boosted, while they maintained their forecast that Bitcoin will reach $150,000 by the end of the year and $200,000 in 2025. Tom Lee, co-founder of Fundstrat, also insisted that Bitcoin will rise to $150,000.

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