Anthony Pompliano, a prominent advocate for cryptocurrency, recently provided his insights on Bitcoin's (BTC) current market behavior as the digital currency remains in a relatively stable trading range.
According to Pompliano, Bitcoin’s sideways movement in recent months can be attributed to a slowdown in market activity during the summer.
Following a surge in interest earlier this year, sparked by the approval of a Bitcoin ETF, both retail and institutional investors injected significant capital into the market.
However, as the summer months arrived, many investors seemed to pull back, resulting in reduced momentum for the cryptocurrency.
At the time of his analysis, Bitcoin was valued at $59,308.
Looking ahead, Pompliano suggested that Bitcoin may enter a bullish phase in the near future, drawing on historical patterns.
Previous bull markets have often gained traction towards the end of the third quarter and into the fourth, indicating that Bitcoin’s price could start to rise soon if this trend continues.
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