Bitcoin (BTC) Identifies a New Bottom, Shifting Market Sentiment Positively: Doctor Profit

Ongoing miner capitulation suggests Bitcoin could surpass $80,000 to maintain profitability. ETH ETF launch delayed to mid-July or August, with a potential bull run predicted.

Bitcoin price shows signs of life, surging 7% to hit $63,700 today. This shift comes as investors react to developments tied to the upcoming US 2024 Presidential Elections and a fresh round of candidates announcing their campaigns.

After a recent plunge, Bitcoin price seems to be making a comeback. The world’s leading cryptocurrency experienced a 7% surge on Sunday, reaching $63,700 amid news of candidates announcing their campaigns for the upcoming US 2024 Presidential Elections.

This surge follows a recent analysis by prominent crypto analyst Doctor Profit, who highlighted Bitcoin’s formation of a new bottom. In a tweet on Sunday, Profit shared insights on the shifting market sentiment and potential recovery scenarios.

Bitcoin Fear and Greed Index hit 18-month low.

According to Profit’s analysis, the Bitcoin Fear and Greed Index has recently plummeted to its lowest level in 18 months, signaling a significant change in market sentiment. Additionally, the Relative Strength Index (RSI) has reached a year-long low, reinforcing the possibility of a bottom formation.

“Bitcoin Fear and Greed Index showing 18-month lows. Last time it was this low, we had just finished forming the local bottom,” wrote Profit in the tweet.

Bitcoin price is now consolidating within the $57,000 to $60,000 range, which analysts suggest is a critical zone for establishing a local bottom. While temporary dips below this range might occur to trigger liquidity hunts, any declines are expected to be gradually countered by buying activity, especially within this price range.

“After forming the local bottom around the $57,000 to $60,000 zone, Bitcoin price encountered several liquidity hunts, causing the price to briefly dip below the bottom,” added Profit.

Mt. Gox Repayment Impact

As Bitcoin price movements continue to be impacted by various factors, concerns about Mt. Gox’s repayment also come into the picture. Out of the total 142,000 BTC set for distribution, only 65,000 BTC will be returned to retail investors. Institutional buyers have already secured the remaining tokens at fixed rates.

This strategic acquisition by institutions is expected to mitigate fears of a massive sell-off, as highlighted in a previous analysis.

Another significant factor is the ongoing miner capitulation, which has historically signaled the start of major bullish trends. With miners currently operating at a loss, Bitcoin’s price is anticipated to adjust upwards, potentially surpassing $80,000 sooner than expected. This adjustment is vital for maintaining mining profitability and network stability.

Altcoin Market Updates

Shifting our attention to altcoins, there is news of a delay in the anticipated launch of the ETH ETF, which is now projected to occur between mid to late July, possibly extending into August.

Despite this timeline shift, market predictions remain optimistic, with expectations of a potential bull run starting from mid-July to mid-August, depending on ETF launch dates.

The above is the detailed content of Bitcoin (BTC) Identifies a New Bottom, Shifting Market Sentiment Positively: Doctor Profit. For more information, please follow other related articles on the PHP Chinese website!