Bitcoin’s price continued to be under intense selling pressure Monday. It was part of a trend which began in June, when the bitcoin reached a high of $72,000.
BTC It has lost over 15% in value since it tested $60,000, which is the level at which the coin was last seen. Bitcoin’s decline triggered an altcoin crash, which saw tokens such as Cardano, Solana and Turbo fall by more than 20 percent.
Bitcoin: A bullish argument
The fear and greed indicator has dropped from its year-to date high of 90 to just 49.
Some analysts, however, are optimistic about the future of Bitcoin. Rekt fencer, a crypto analyst who writes for X explained in a post that BTC would bounce back this year.
He listed several catalysts which could push Bitcoin to higher levels. He noted first that Bitcoin has a tendency to consolidate following halving. This is most likely due to the idea of Buy the rumour and sell the truth.
This case involved Bitcoin’s halving at a moment when it was significantly more valuable following the approval of spot Bitcoin ETFs In January. Investors are waiting for January to arrive before they can make a decision. next catalyst. Bitcoin’s price has been stable for the past four months, after it has halved. In 2020, Bitcoin will be steady for five months.
Rekt stated that there are three main reasons behind the recent consolidation. The summer is stagnant, Ethereum ETF uncertainty and the lack a narrative. The narrative was also quite negative with headlines such as Germany selling $3 billion worth of Bitcoins, and ETFs reporting almost $1 billion outflows.
Rekt is therefore confident that Bitcoin’s price will eventually bounce back. The upcoming US elections, in which Donald Trump supports digital currencies, the interest rate reductions by central banks and the approvals of Ether ETFs are some of the catalysts.
Altcoins including Ethereum, Solana IOTA Hedera Hashgraph and IOTA will Benefit
Rekt is of the opinion that altcoins, including meme coins like Bonk, Pepe and Floki will benefit as well from Bitcoin’s rebound. In the majority of cases, meme currencies like Bonk and Pepe outperform Bitcoin when bull runs are on.
The SEC signaled that they will be approving most, if not all ETFs soon. This will lead to more investment, as was seen with Bitcoin just a few short months ago. It will be at a point when Ethereum’s volume has increased. balances in exchanges The sky is falling.
Solana will also gain when SEC approves Ethereum ETFS. It is expected that Solana, as one of most liquid and largest altcoins, will be filed for ETFs. 3iQ Digital Asset Managent, a Toronto-based asset management firm, filed the first Solana ETF for North America just last week.
If his prediction is right, then other altcoins, such as IOTA and Hedera Hashgraph will continue their rise.
![Bitcoin price](https://fxruhanahmed.com/2/wp-content/uploads/2024/06/Bitcoin-price-could-rebound-with-Solana-Ethereum-pro.png)
Price chart of bitcoin
There are still risks associated with the bullish BTC and altcoins prediction. Bitcoin’s triple-top pattern has been formed at $72,000. This is the most important. This pattern, in most cases is the most bearish and could indicate further downside if it crashes below the neckline of $56,520.
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Source: crypto.news