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Bitcoin price was under heavy selling pressure on Monday, continuing a sell-off that started on June 7th when it peaked at $72,000. BTC tested the $60,000 level, meaning it has now lost more than 15% of its value over the past few weeks. Bitcoin’s weakness triggered a major crash among altcoins, with tokens like Turbo, Solana, and Cardano falling more than 20%. The bullish case for Bitcoin A sense of pessimism and fear has spread in the crypto industry as the fear and greed index moved to 49, down from the year-to-date high of over 90.  However, some analysts are still optimistic that Bitcoin is still in an uptrend. In an X post, crypto analyst Rekt Fencer explained that BTC will ultimately bounce back later this year.  He cited several potential catalysts that will push Bitcoin higher. First, he noted that Bitcoin tends to consolidate after halving. This consolidation likely happens because of the concept known as buying the rumour, and selling the fact.  In this case, Bitcoin halving happened at a time when the coin was significantly higher following the approval of spot Bitcoin ETFs in January. As such, this consolidation is happening as investors wait for the next catalyst. In 2016, Bitcoin consolidated for 4 months after halving while in 2020, it consolidated for five months. Rekt also noted three key reasons for the current consolidation:the summer period is a period of stagnation, the uncertainty of the Ethereum ETF, and the lack of a clear narrative in the market. Also, the narrative has been quite negative, with headlines like Germany selling $3 billion in Bitcoins and ETFs recording almost $1 billion in outflows. Therefore, Rekt believes that Bitcoin price will ultimately bounce back. Some of the potential catalysts will be the upcoming US election, where Donald Trump has…

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Filed under: News - @ June 25, 2024 5:28 am