Cryptocurrency

Bitcoin

Arkham

when

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-reaches-66441-with-sudden-increase/" data-wpel-link="internal">Bitcoin Reaches $66,441 with Sudden Increase</a><br></p>
<p style="text-align: justify">At the time of writing, the leading cryptocurrency quickly reached $66,441 and suddenly increased by $700. Whether this will be permanent remains to be seen. However, the opportunity for altcoins, which fell back to their prices during the days when BTC saw prices in the $30,000 range due to excessive selling, is ending in a few days. Those who bravely took advantage of the dips were rewarded with double-digit gains within hours.</p> 
<h2 style="text-align: justify" id="qcp-capital-crypto-predictions">QCP Capital Crypto Predictions</h2> 
<p style="text-align: justify">QCP failed to accurately read the macroeconomic situation during the Fed week. Analysts, who did not anticipate that Fed members would revise their <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rate</a> forecasts upwards, were expecting a rise, not considering the days-long declines. BTC quickly fell from $72,000 to below $65,000.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-363511 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/BTCUSDT_2024-06-20_14-20-11.png" alt="" width="1814" height="836"></p> 
<p style="text-align: justify">Just a few minutes before the BTC increase, they wrote the following in their market analysis;</p> 
<blockquote> 
 <p>“Despite the following developments, BTC continues to defend the 65k level well on <a href="https://en.coin-turk.com/bitcoin-price-plummets-on-binance-australia-amid-regulatory-pressure/" data-wpel-link="internal">cryptocurrency exchanges</a>;</p> 
 <p>A wallet identified by Arkham as belonging to the German Police transferred 500 BTC to Bitstamp and Kraken, indicating a potential sale soon. This wallet currently holds approximately 43,000 BTC worth $2.83 billion.</p> 
 <p>BTC ETFs also saw a net outflow of $714 million last week. In the options market, we observed an abnormally large buying flow in December and March 90-100k calls in the last 24 hours. We believe this indicates that the market has bottomed out and is likely positioned for a sustainable rally until 2025.</p> 
 <p>Take advantage of this consolidation period to accumulate BTC at a discount before the next rise.”</p> 
</blockquote> 
<h2 style="text-align: justify" id="cryptocurrency-comments">Cryptocurrency Comments</h2> 
<p style="text-align: justify">In a scenario where inflation continues to fall, the exaggerated three-year interest rate forecasts of the Fed are expected to become meaningless. However, recent inflation <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> suggests that Fed members may have taken such a position at least to maintain deterrence. While the ECB and others have started cuts, the Fed may not want to enter the upcoming elections with such a tight stance.</p> 
<p style="text-align: justify">The first cut is currently expected in September, and ETH ETFs are expected to start trading on exchanges at the beginning of July. This points to a timeline that supports the historically backed bull story from August onwards until the second half of next year.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-reaches-66441-with-sudden-increase/" data-wpel-link="internal">Bitcoin Reaches $66,441 with Sudden Increase</a></h5>

Bitcoin Reaches $66,441 with Sudden Increase

Table of Contents

COINTURK NEWS

Other articles published on Jun 20, 2024

Bitcoin causes altcoins to suffer, but Notcoin is different

Crypto Whale Who Made a Fortune Trading Pepe Claims It’s the Last Chance to Buy These Coins at Ma...

Monster Hunter Stories 2: Wings of Ruin sells more than 2 million copies globally

Crypto Influencer Names Mid-Cap Altcoins Most Will Likely Miss and FOMO on During Their Summer SURGE

Is Litecoin (LTC) Heading Towards $63? Market Indicators Suggest Bearish Trend

Charlie Munger Once Said 'Just Say No' To Bitcoin: A Legacy Of Caution

Join our free newsletter for daily crypto updates!