Donald Trump

Bitcoin

Reserve

<p class="is-style-lead">Bitcoin price has lost momentum and entered a bear market over the past few weeks amid multiple headwinds.</p> 
<p><a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a> dropped to a multi-month low of $53,540 last week, its lowest point since February. It has since recovered some of those losses and was seen trading at $57,200 on Monday. The recent Bitcoin price movement has led to division among crypto experts. Some believe that Bitcoin is still in a bullish trend and that the recent sell-off will be short-lived.&nbsp;</p> 
<p>In a recent statement, a Standard Chartered analyst said that they expect Bitcoin to end the year above $100,000, implying an approximate 75% gain from the current level.&nbsp;</p> 
<p>The analysts attributes their view to the ongoing institutional demand and the high probability that Donald Trump will become the next US president. Trump has wooed the crypto community by promising friendly regulations for the industry.</p> 
<p>As a result, he has received campaign financing from the Winklevoss Twins and <a href="https://crypto.news/krakens-powell-donates-1m-to-trump-to-unite-behind-only-pro-crypto-candidate/" target="_blank" rel="noreferrer noopener">Jesse Powell, the founder of Kraken</a>.&nbsp;</p> 
<p>Meanwhile, Ki Young Ju, the founder of CryptoQuant, a leading on-chain analytics company, noted that the bullish cycle remains unchainged. While he expects the coin could drop to $47k, he believes that the bull run will run through next year, when it will rise to $112k.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">I believe the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> bull cycle will continue until early next year.<br><br>For those trading in spot, it would be wise to DCA while keeping in mind that it could drop to $47K from here.<br><br>If you are not an experienced futures trader, do not open high-leverage long or short positions…</p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1809254974443954403?ref_src=twsrc%5Etfw" target="_blank" rel="">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Analysts have also cited other reasons why Bitcoin’s price could resume the bullish trend. One reason is the high likelihood that the Federal Reserve will start cutting interest rates soon after last week’s <a href="https://crypto.news/us-jobs-data-deals-blow-to-ethena-solana-and-eos-prices/">jobs data</a><strong>.&nbsp;</strong></p> 
<p>The report showed that the economy added over 200,000 jobs, while the unemployment rate rose to 4.1% during the month. As a result, analysts at Citigroup and ING predict the Fed will start cutting in September.</p> 
<p>Fed rate cuts are bullish for Bitcoin, especially because of the $6.15 trillion that has been invested in money market funds. Ultimately, these risk-averse could rotate to risky assets like tech stocks and Bitcoin.</p> 
<h2 class="wp-block-heading" id="bitcoin-price-crash-could-continue">Bitcoin price crash could continue</h2> 
<p>On the other hand, some crypto analysts believe that Bitcoin’s price could continue falling. The most common argument was that the coin has dropped below the <a href="https://crypto.news/bitcoin-price-nears-key-support-riot-mara-and-clsk-stocks-at-risk/" target="_blank" rel="noreferrer noopener">double top’s neckline</a><strong> </strong>pointing to more downside as traders target the key support at $44,000.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Has Bitcoin completed a double top?<br>Yes or no????<br>If yet, minimum target is $44,000<br>What do you think?<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a> <a href="https://t.co/EpzeihHJtF" target="_blank" rel="">pic.twitter.com/EpzeihHJtF</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1809961868603048271?ref_src=twsrc%5Etfw" target="_blank" rel="">July 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Bears also pointed to the ongoing liquidations by the German government, Mt. Gox wallets, whale activity, and <a href="https://crypto.news/bitcoin-dips-below-59k-as-miners-show-signs-of-capitulation/" target="_blank" rel="noreferrer noopener">Bitcoin miner capitulation</a>. For example, according to <a href="https://x.com/lookonchain/status/1810240268886749508" target="_blank" rel="">LookOnChain</a>, a Bitcoin whale deposited $45.18 million to Binance on Monday and has moved coins worth $468 million since June 27th.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The whale deposited 809 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>($45.18M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Binance</a> again 1 hour ago.<br><br>He has deposited 7,790 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>($468M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Binance</a> since June 27 and currently holds 6,559 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$BTC</a>($379M).<br><br>Address: 3G98jSULfhrES1J9HKfZdDjXx1sTNvHkhN<a href="https://t.co/kqDPbHy4ue" target="_blank" rel="">https://t.co/kqDPbHy4ue</a> <a href="https://t.co/RtqpUiXwGc" target="_blank" rel="">pic.twitter.com/RtqpUiXwGc</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1810240268886749508?ref_src=twsrc%5Etfw" target="_blank" rel="">July 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The German government has also continued to move coins to exchanges. As a result, the volume of Bitcoin balances in exchanges has continued rising, which is often a bearish sign.</p> 
<h2 class="wp-block-heading" id="btc-price-action">BTC price action</h2> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14283588"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Bitcoin-Price-3-1024x570.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="570" src="https://crypto.news/app/uploads/2024/07/Bitcoin-Price-3-1024x570.png" alt="Bitcoin price"> 
 </picture> 
</figure> 
<p><em>Bitcoin price chart</em></p> 
<p>The charts make it clear that Bitcoin is battling numerous risks, especially the double-top pattern at $72,000. It has also dropped below the 200-day moving average and has retested the double-top’s neckline at $56,000.</p> 
<p>Therefore, the recent rebound could be part of a dead cat bounce that will push Bitcoin prices lower in the near term. If this happens, it could drop to the next key support at $44,000. In the long term, however, there is a likelihood that the coin will rebound to over $100,000.</p>

Crypto experts divided on the next Bitcoin price action

Tabla de contenidos

crypto.news

Otros artículos publicados el 8 jul 2024

Ethereum Token Rollblock Dominates Market So Far In July; Cardano (ADA) and Toncoin (TON) Holding...

Cardano (ADA) Poised for 130% Price Surge Ahead of Chang Hard Fork

Shiba Inu Wallet Maker Teams Up with Visa for Crypto Payments

Bitcoin Price Drops Due to Whale Selling and Market Trends

Celo Unveils Dango L2 Testnet to Scale Ethereum

Hamster Kombat is Open for Pre-Market Trading: Announced Bybit

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!