Bitcoin Rallies to $62,000, Analysts Believe Bearish Phase is Over
Bitcoin has reclaimed the $60,000 threshold, now sitting above $62,000 as the crypto market enters the recovery phase this week. Some analysts believe the German BTC sales are possibly over, and the Mt. Gox repayments are not overly bearish.
Crypto portfolio specialist Ben Simpson believes the crypto market is rallying again, signaling the cycle bottom has already started.
Crypto Analyst Highlights Bitcoin's Next Possible MovesCrypto market is pumping again.
Signalling the local bottom might be in.
Here's what's going on and where we're headed next pic.twitter.com/496z6LRhqp
- Ben Simpson (@bensimpsonau) July 15, 2024
According to Ben Simpson, Bitcoin has hit its lowest price point during the downtrend and is ready to rally again.
He noted that Bitcoin has been under the bearish influence of forced selling from German government sales of $3 billion BTC tokens. The $8.5 billion Mt. Gox creditor repayments also contributed to the bearish sentiment.
On July 12, when Bitcoin dipped to $59,000, the Crypto Fear and Greed Index showed extreme fear. However, the Index is neutral today at 52. Furthermore, Simpson noted that US Federal Reserve Chairman Jerome Powell hinted at possible lower inflation rates soon.
Meanwhile, the S&P 500 stock is soaring to new all-time highs as Bitcoin ETF inflows increase. Simpson believes the speculation surrounding Spot Ether ETFs boosted positivity in the crypto market. Based on these factors, Simpson predicts a bullish outlook for Bitcoin and the altcoins.
Again, Apollo Sats founder Thomas Fahrer revealed on X that over $360 million in leveraged short BTC positions suffered liquidation, confirming the ongoing rally.
Trump's Assassination Attempt Forces Crypto Market Rally
360M in #Bitcoin Shorts LIQUIDATED
Thanks for playing! https://t.co/IzBY9rWheU pic.twitter.com/LF098lOV0V
- Thomas | heyapollo.com (@thomas_fahrer) July 15, 2024
Amid the heightened market volatility, crypto enthusiasts are optimistic that a change in the US administration will benefit the digital assets industry.
In a recent tweet, investor Nic Carter hoped the Republican Party would clinch the US presidential office through Donald Trump. According to Carter, the Republican Party promised to end the crypto crackdown and give users the right to mine and self-custody.
Official Republican party platform on crypto. Couldn't really ask for anything more:
End crypto crackdown
- nic carter (@nic__carter) July 8, 2024
A Reuters report reveals that Bitcoin rose to a two-week high earlier today after the attempted assassination of Donald Trump during a rally in Pennsylvania on Saturday. Some investors believe the attack on Trump boosted his chances of reclaiming the Presidential seat.
Donald Trump likely positively influences the crypto market due to his recent support for cryptocurrencies. Consequently, several meme coins were launched based on the assassination attempt, and Bitcoin soared.
Bitcoin Whales Accumulated BTC worth $4.3 Billion During Downtrendlol, just checked on dexscreener.
Never disappoints. pic.twitter.com/XBFALqxeoo- Krakovia (@krakovia_evm) July 14, 2024
Bitcoin whales took advantage of the crypto market decline early in July to accumulate 71,000 BTC, the largest recorded since April 2023. Analytical firm IntotheBlock reveals that these whales purchased the tokens when Bitcoin dipped to $54,2000 on July 5.
#Bitcoin whales are accumulating at their fastest rate since April 2023: CryptoQuant
Dheet hodlers have accumulated 85K #Btc in the last 30 days. pic.twitter.com/UxewR8omHZ- Crypto India (@CryptooIndia) July 10, 2024
Also, Santiment reveals that Bitcoin whale and shark wallets increased while small traders sold their assets during the dip. According to Santiment data, July recorded a net increase of over 261 wallets holding a minimum of 10 BTC.
Bitcoin's majority holders accumulating more tokens is a bullish signal since it exerts upward pressure on the asset's price. Moreover, CryptoQuant analyst Woo Minkyu says the whale accumulation suggests that Bitcoin's downtrend is likely over.
The post Bitcoin Rallies to $62,000, Analysts Believe Bearish Phase is Over appeared first on The Tech Report.