Let's take a look at the bullish conditions:
1. Big whales are still hoarding coins Even with the recent BTC price crash, large whales and institutions are not selling. Instead, many are taking advantage of the opportunity to buy on the dip. Top miner Marathon Digital Holdings has not sold a single BTC despite the need to release capital.
2. Miner capitulation may actually signal a reversal of the bull market. Historically, BTC has experienced a 4-month period of volatility after the halving before a sharp rise. If this trend continues, we may see BTC start to climb in late summer.
3. Santiment's positive sentiment data shows that calls for "buy the dip" for BTC on social media are increasing. Investors see BTC's drop below $60,000 as a golden opportunity rather than succumbing to market panic
4. One rate cut in 2024, While the upcoming FOMC meeting at the end of July is likely to maintain current interest rates, there are signs that interest rates may be cut later this year, most likely in the fourth quarter. This rate cut will have a significant (positive) impact on BTC.
5. US election After the recent presidential debate, Trump's chances of winning have greatly increased. Trump has been an active supporter of cryptocurrencies and has promised to make reforms to support cryptocurrencies if elected. If he does win, we may see a significant rise in BTC.
Summary: Although the fundamentals are not very good at present, there are many negative factors that lead to panic selling. But these negative factors should be absorbed and digested by the market.
We should also see the positive side of the market. There are still support conditions for BTC to rise.