๐ฅBitcoin Price Tops $65K, Here Why BTC Rally Is Poised To Continue
๐ Bitcoin Price Rally: Short-Lived or Here to Stay?
Bitcoin recently topped $65,000, sparking debates on whether the rally is sustainable. Despite short-term concerns, market pundits remain optimistic.
๐ Short-Term Concerns
Recent challenges, like Mt. Gox repayment concerns, have fueled speculation of a potential pull-back. However, positive market trends and expert opinions suggest the rally could continue.
๐ Fedโs Interest Rate Cut
A CNBC report highlights a potential Fed rate cut, with a 93.3% chance of a 25 basis point cut by September. Cooling inflation figures and comments from Fed Chair Jerome Powell have boosted market optimism.
๐ Bitcoin ETF Milestone
The U.S. Spot Bitcoin ETF saw robust inflows, indicating growing institutional interest. Senior Bloomberg analyst Eric Balchunas noted a recent $300 million influx and a year-to-date inflow surpassing $16 billion, far exceeding predictions.
๐ Mt. Gox Repayment
Concerns about a potential selloff due to Mt. Gox repayments have been downplayed. CryptoQuant CEO Ki Yong Ju assured that the outflow isnโt retail dumping, and creditors have the option to hold their BTC, potentially dampening any significant price drops.
๐ Future Outlook
The crypto market is buzzing with anticipation. The upcoming U.S. Spot Ethereum ETF trading and positive on-chain data indicate the BTC rally may continue. If BTC stays above $62,500, the next target is $66,250, potentially leading to a new all-time high. Currently, Bitcoin trades near $64,500, with futures open interest up 3%, reflecting market confidence.
