Bitcoin, the flagship cryptocurrency, is at a pivotal moment, showing promising signs of a potential recovery. Today Bitcoin price surged to $63,700, marking a 7% increase from the previous week’s crash. This significant rise comes as investors react to developments tied to the upcoming US 2024 Presidential Elections.
As analysts observe these movements closely, the outlook for Bitcoin this week remains optimistic, with expectations of further surge ahead.
Bitcoin Price Range For Week
In a recent tweet post leading crypto analyst Doctor Profit has revealed Bitcoin’s formation of a new bottom, showing a shift in market sentiment and potential scenarios for the recovery.
Bitcoin’s Fear and Greed Index recently plunged to its lowest level in 18 months, signaling a significant shift in market sentiment. Coupled with this, the Relative Strength Index (RSI) has also hit a year-long low, indicating a possible bottom formation.
Analysts believe that Bitcoin is consolidating around the $57,000 – $60,000 range, crucial for establishing a local bottom. They caution that while occasional drops below this range might occur to trigger liquidity hunts, any drop is likely to be slowly countered by buying activity, particularly within the specified price range.
Impact of Mt. Gox Repayment
Amidst the market analysis, there’s a pressing need to reduce fears surrounding Mt. Gox’s repayment. Out of the total 142,000 BTC set for distribution, only 65,000 BTC will return to retail investors, while institutional buyers have already secured the remaining tokens at fixed rates.
This strategic acquisition by institutions reduces the fear of a massive sell-off. Investors who have held their BTC for over a decade are expected to show minimal interest in selling their holdings to these institutions, aiming to minimize market disruption and maintain stability.
Miner Capitulation To Take BTC To $80k
Another critical aspect discussed is the ongoing miner capitulation, historically a beginner to significant bullish trends. With miners currently operating at a loss, the expectation is for Bitcoin’s price to adjust upwards, potentially surpassing $80,000 sooner than anticipated.
This adjustment is crucial to maintain mining profitability and network integrity, with analysts expressing confidence in Bitcoin’s imminent bullish trajectory.
Looking Ahead: Altcoin Market Updates
Turning to altcoins, updates indicate a delay in the expected launch of the ETH ETF, now projected between mid to late July, possibly extending into August.
Despite this timeline shift, market predictions remain unchanged, forecasting a potential bull run starting from mid-July to mid-August, contingent on ETF launch dates.
