Bitcoin Cash

2024

Bitcoin

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin is surrounded by optimistic price predictions, despite the recent selling pressure.</li> 
 <li>BTC is currently trading above $61,000.</li> 
</ul> 
<p>Bitcoin remains surrounded by optimistic predictions despite the recent price drops. At the moment of writing this article, BTC is trading above $61,000.</p> 
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<p>The popular crypto investor Scott Melker also known as The Wolf Of All Streets on X shared a message earlier today via the social media platform, reminding traders of BTC bull market corrections.</p> 
<p>He said that we historically have multiple 30% and 40% corrections in a bull market, and in the current cycle, the largest correction has been 23.48%.</p> 
<p>He also noted that the current correction is above 18% and such price moves are “nothing in a bull market.”</p> 
<p>He ended his <a href="https://x.com/scottmelker/status/1805543152066961611" rel="nofollow" target="_blank">post</a> on X by telling his followers to remain calm. Melker also shared a graph showing BTC’s corrections over the past bull markets.</p> 
<p><a href="https://x.com/scottmelker/status/1805543152066961611/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GQ6T3VrW4AAI75H?format=jpg&amp;name=4096x4096" alt="" width="4096" height="1881" title="Bitcoin Remains Surrounded By Optimistic Predictions Despite Increased Selling Pressure Risks 12"></a></p> 
<p>Bitcoin on-chain analyst Willy Woo also addressed the recent price moves of BTC, highlighting the fact that they are mainly caused by the<a href="https://crypto.ro/en/news/bitcoin-bounces-above-61k-following-yesterdays-dip-below-59k/"> miner capitulation</a> event.</p> 
<p>Bitcoin’s recent sell-off triggered by a prolonged miner capitulation was also <a href="https://crypto.ro/en/news/bitcoin-miner-capitulation-is-expedited-by-mt-goxs-9-32b-refund-announcement/">expedited</a> by the recent Mt. Gox announcement. The infamous defunct Japanese crypto exchange will start refunding creditors the recovered Bitcoin and Bitcoin Cash starting in July.</p> 
<h2 id="bitcoin-remains-surrounded-by-optimistic-predictions">Bitcoin remains surrounded by optimistic predictions</h2> 
<p>Bitcoin has been seeing a lot of political support as well lately coming mainly from the former US President, Donald Trump.</p> 
<p>He is reportedly <a href="https://crypto.ro/en/news/trump-likely-to-address-bitcoin-2024-convention-in-nashville-indicates-axios/">considering speaking</a> at the Bitcoin 2024 event in Nashville, Tennessee. This news comes from two individuals familiar with the matter.</p> 
<p>Also, despite potential threats that could increase the selling pressure on BTC, the put-call ratio of Bitcoin options remains optimistic as well as the quarterly expiry approaches. This positive sentiment persists even ahead of potential downside risks for the leading digital asset.</p> 
<p>The most important downside risks come from more factors. Besides the miner capitulation and the Mt. Gox announcement, German authorities have seized 50,000 Bitcoin, valued at over $3 billion at current prices, from a piracy operation.</p> 
<p>Also, U.S. spot Bitcoin ETFs have seen their seventh consecutive day of outflows on June 24, of $174 million, according to<a href="https://sosovalue.xyz/assets/etf/us-btc-spot" rel="nofollow noopener" target="_blank"> SoSoValue</a> data.</p> 
<p>Despite all these pressures, derivative market indicators continue to display a sustained bullish sentiment for Bitcoin. This <a href="https://crypto.ro/en/news/analysts-remain-bullish-on-bitcoin-options-before-june-quarter-expiry/">bullish sentiment</a> is evident as Bitcoin approaches the weekly, monthly, and quarterly options expiry.</p>

Bitcoin Remains Surrounded By Optimistic Predictions Despite Increased Selling Pressure Risks

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