bullish

Celsius

Vision

DeFi

Bitcoin

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As Bitcoin (BTC) is recovering from its six-month low and activity in institutional products surges, more analysts come with bullish forecasts for the coming months. DeFi researcher and educationist Michael Nadeau summarizes the most powerful reasons for optimism Bitcoiners can have now.
<h2 id="sellers-are-done-etfs-gaining-traction-what-else-10-bullish-catalysts-from-researcher">Sellers are done, ETFs gaining traction, what else? 10 bullish catalysts from researcher</h2>
Bitcoin (BTC) is getting rid of its first major correction in this cycle, and the most powerful drivers of selling pressure are either liquidated or out of funds finally. This is one of the positive catalysts for the largest cryptocurrency and the segment as a whole, analyst Michael Nadeau says in a recent thread.
<blockquote>
 So now you’re gonna tell me that:1. Bitcoin just experienced its first 33% correction of the bull run (two prior 20% + corrections). SOL corrected 45% (two prior 45% + corrections). ETH 38% (two prior corrections of 30% and 32%).2. Funding rates have fully reset. Supply… <a href="https://t.co/4uxLLwqE09" rel="noopener noreferrer nofollow">pic.twitter.com/4uxLLwqE09</a>— Michael Nadeau (@JustDeauIt) <a href="https://twitter.com/JustDeauIt/status/1821191664154644804?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 7, 2024</a>
</blockquote>
Also, in this context, he noticed a full reset of funding rates, activization of long-term holders after taking profits in Q2, 2024, and miner capitulation losing traction.
The sentiment in the altcoin segment is highly pessimistic, which is regularly interpreted as a "necessary" phase before the next stage of a rally.
In terms of macro, there are some more signs of weaker national fiat currencies ahead. In the past, this always triggered interest in Bitcoin (BTC) as a hedge against inflation and macro instability.
Also, with both Bitcoin and Ethereum spot ETFs launched, large institutional holders of BTC and ETH are actively selling their bags to the new generation of investors, which is yet another evidence of strong interest.
As covered by U.Today previously, prominent macro economist Raoul Pal stressed that he sold zero crypto amid the most painful phase of the collapse.
<h2 id="setup-looks-like-q4-2020-what-s-similar">Setup looks like Q4, 2020: What's similar?</h2>
Real Vision CEO called the last bloodbath nothing but a "shakeout" and only recommended to avoid using leverage and sharing FOMO.
Last but not least, Nadeau highlighted that all CeFi majors that contributed to the overleverage last cycle such as BlockFi, Genesis and Celsius are simply not there any longer.
As such, he sees no reasons to be pessimistic about BTC and other cryptos in the long term:
<blockquote>
 You’re gonna tell me all that? And you want me to be bearish?
</blockquote>
He concluded that given all the amount of fear on the market, what is happening today can be compared to early Q4, 2020, when Paul Tudor Jones called BTC the “fastest horse” and Michael Saylor started the MicroStrategy Bitcoin saga.
Back then, Bitcoin (BTC) was surging in the $10,000-$15,000 range, while today it is at $58,000, capping off nearly 1.2% gains in the last 24 hours.

'You Want Me to Be Bearish?': Blockchain Analyst on 10 Catalysts for Crypto Right Now

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