Bitcoin (BTC) Price Prediction: Will BTC Recover After the Recent Market Dip?
- WBOYOriginal
- 2024-07-11 15:24:341069browse
Bitcoin's (BTC) price fell significantly in the last few days, however, there could be reasons for investors to be optimistic about the king coin.
Bitcoin [BTC] suffered a significant price decline over the last few days, but there might be reasons for investors to remain optimistic about the king coin.
Bitcoin ATM installations on the rise
After a slight dip in late 2022, Bitcoin ATM installations have seen a resurgence.
As of 7th July 2024, there are now more than 38,000 Bitcoin ATMs installed across the globe.
More Bitcoin ATMs equate to easier entry points for investors to begin their crypto journey.
Given that ATMs are a familiar and widely used technology, buying Bitcoin through them becomes less daunting, especially for those who are new to cryptocurrency exchanges.
This broader accessibility could lead to a rise in demand, which might halt or reverse the price slide.
Furthermore, the growing number of ATMs suggests a maturing and potentially more stable crypto ecosystem. This can improve investor confidence, which is a key factor influencing price.
People are more likely to invest in an asset class that is perceived as legitimate and here to stay.
However, the increased inflows could help BTC clock some gains.
A new report from CoinShares painted a positive picture for Bitcoin, revealing a total of $441 million in inflows last week, which marked a significant shift after several weeks of outflows.
The report, dated 8th July, went into the specifics, highlighting a substantial inflow into Bitcoin. Investors poured $398 million into Bitcoin products, which worked out to roughly $57,207 per Bitcoin.
This buying spree was likely triggered by a combination of factors, including the recent weakness in Bitcoin prices, activity from Mt. Gox, and selling pressure from the German government, which might have been interpreted by some investors as an attractive entry point, according to CoinShares.
Looking geographically, the inflows were concentrated primarily in the United States, which saw a massive $384 million.
Other regions, like Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million) also saw inflows, while Germany bucked the trend with $23 million in outflows.
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