Bitcoin: Bull Continues or Correction Approaching? (July 10, 2024)
The price of Bitcoin (BTC) rose slightly today, but still not enough to calm worried investors. But, calm down, a trader named Cole Garner on social media believes the Bitcoin bull market is still alive.
Garner's reasoning:
Germany Bitcoin transfer: Good news, the German government's Bitcoin transfer is almost complete! This is a positive sign.
Sales of Mt. Gox: Bitcoin sales by creditors of Mt. Gox does make prices fall, but don't worry, this is only a short-term disturbance.
Bitcoin 'whales' are buying up: Massive Bitcoin buyers (or 'whales') are active, just like before the previous bull market.
Bullish spot order book: Signals from Bitcoin's spot order book indicate a potential price increase.
Coinbase is good at predictions: Order book Coinbase is really good at predicting Bitcoin's lowest point, and now they are giving a signal that the price could rise to US$25,000!
Tether & Bitfinex Bitcoin accumulation: Massive Bitcoin accumulation by Tether and Bitfinex, plus increasing margin longs on Bitfinex, signals a bull market.
Wyckoff Spring Pattern: Bitcoin price movements may signal a bullish pattern, and the current correction may be part of a bullish phase.
