According to BTC analysts, the hype around Bitcoin and its bullish momentum is starting to slow. Bitcoin experienced a record-breaking hype after Spot Bitcoin ETFs were approved by the SEC in January of 2024. Market cap-based price for the top cryptocurrency soared to over $70,000. It stayed at that level for a long time. Since then the price of the coin settled around the $64,000-$70,000 range.
Analysts are now turning negative on Bitcoin because they believe that the current bull run is ending. Reflexivity Research co-founder Will Clemente noted On Tuesday, Bitcoin’s price was down by 3% and is close to its previous high. “short-term holder cost basis” Glassnode data indicates that this figure is around $63,800. “Don’t want to see consecutive days closed below,” Clemente wrote: “Typically serves as a good line in the sand for trends.”
Bitcoin could fall even further in value if panic-sold short term holders. Bitcoin has achieved two of its biggest successes this year: the ETF and the price halving. BTC could crash if there is no bullish innovation. Maybe the approval of Ethereum’s ETFs will spark some healthy competition to help Bitcoin recover.
Also Read: Cryptocurrency: 3 Coins To Hold For Long Profits!
Can Bulls recapture the Bitcoin Market
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Despite Bitcoin’s current negative trend, there are some who remain optimistic about the possibility that Bitcoin will rise to a brand new ATH in the near future. A recent YouTube video revealed that the cryptocurrency will soon reach a new ATH. DonAlt highlighted the S&P 500’s March 2024 performance. The analyst explained that the S&P 500 index must have another leg up, which could make the coin reclaim its ATH. BTC’s prices move in sync with those of the US stock exchange, as they are closely correlated. “If the S&P puts in another sun run like we’ve had and Bitcoin closes at this level ($65,500), I can actually see it go decent, as in I could see new highs even. But it is entirely reliant on the S&P going up I think at this point,” “He said”
Bitcoin may have slowed down in the current bull market, but its superiority over other cryptocurrencies is still intact.
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Source: watcher.guru