This week, the Bitcoin market was hit hard by concerns about falling demand and ETF outflows. BTC fell below the key support level of $65,000, falling for the second consecutive week. The cryptocurrency has fallen more than 12% from its peak, and market sentiment suggests that bears have taken over. Of particular note, the net outflow of major spot Bitcoin ETFs totaled $145.9 million, with Fidelity Wise Origin Bitcoin Fund (FBTC) becoming the main outflow party.
The hawkish stance of the Federal Reserve further exacerbated the trend of capital outflows. The Fed chose to maintain interest rates in the range of 5.25% to 5.50% and hinted that interest rates may be cut later this year. Although this decision has a certain impact on the market, it has not changed the overall trend of the Bitcoin market.
However, at a time when market sentiment is generally pessimistic, George, a well-known analyst from CryptosRUs, made a bold prediction: Bitcoin could double in the next 15 days. He made this seemingly impossible but exciting point based on historical patterns and market fundamentals.
George pointed out that Bitcoin has tended to experience significant price fluctuations in the past following periods of significant gains in U.S. stock markets. He emphasized that although the Bitcoin market may be volatile in the short term due to various factors, historically, Bitcoin has a strong ability to rebound. For example, after Bitcoin fell in price earlier this year, it quickly experienced an 80% increase.
Despite the negative news about inflation and economic uncertainty in the media, George believes that Bitcoin's fundamentals remain strong. He specifically pointed out the impact of the halving event on supply and the increase in global demand for Bitcoin. Both factors are key forces driving Bitcoin's future price to rise significantly.
In addition to Bitcoin, George is also eyeing opportunities in altcoins such as Avalanche and Injective. He believes that these altcoins have unique market niches and technological advantages that have the potential to bring significant growth in the future. He predicts that a boom season for altcoins may begin around September, further emphasizing the cyclical nature of market trends.
However, it should be noted that any market forecast has a certain degree of uncertainty. Although George's views are convincing, investors still need to carefully consider various factors when making decisions. The Bitcoin market is highly volatile, and investors need to have sufficient risk tolerance and investment knowledge to cope with potential risks.
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