Bitcoin (BTC) is currently leading the crypto market rebound after an intensive selloff earlier this week. Despite the visible price rebound, Bitcoin and altcoins like XRP have a long way to go before valuations retest
Bitcoin (BTC) price is currently spearheading a crypto market rebound following an intensive selloff earlier this week. Despite the visible price recovery, Bitcoin and altcoins like XRP have a long way to go before valuations retest pre-halving levels.
renowned market analyst has uncovered 4 factors to watch. As an industry that responds to macro and crypto-based trends, it’s worth analyzing the analyst’s take.
Bitcoin and Ethereum ETF Inflow and Price Growth
As Michaël van de Poppe revealed, massive inflow into spot Bitcoin and Ethereum ETF products might spark a rally soon. The launch of these two products in the United States this year marks a paradigm shift for the crypto industry.
As the biggest financial market in the world, the US has enough capital power through asset managers to inject capital into Bitcoin and Ethereum. In turn, this capital can boost a valuation in the long run. As our previous report highlighted, the spot Bitcoin ETF adoption drove the price of BTC to an All-Time High (ATH) above $73,000 in March.
After the initial adoption boost, the ETF market experienced a bearish twist. Current data from Farside Investors shows that total Bitcoin ETF outflows reached $148 million on August 6. Fidelity Investments and Grayscale led the outflows with $64.5 million and $32.2 million, respectively.
As van de Poppe opined, a return in inflows can help reboot the price of Bitcoin. The coin is up 3.66% in 24 hours to $57,229.66.
Other Major Growth Catalysts To Watch
Besides the ETF factor, the market analyst believes that a worsening macroeconomic condition might boost crypto prices indirectly. Per his argument, a weakened US Dollar might trigger a flight to safe assets like Gold. With Bitcoin also considered a hedge against fiat devaluation, the asset may also see an influx of capital from the traditional market.
As noted in our earlier report, several altcoins including Chainlink (LINK) are in rebound mode. Drawing on the general altcoin rebound, the analyst is convinced that the retest of certain levels, for instance, ETH to hold above 0.044-0.0045 BTC, might reverse the negative growth trend.
Capitulation is what has been happening in the past two weeks and has likely ended.
ETH has dropped to a new low for the first time in six months.
Bitcoin hits $58,000.
Altcoins bleeding to a new bear market low.
However, Ethereum is copypasting Bitcoin. Here’s why… pic.twitter.com/pzxrMCYs9A
The last insight he shared with his over 721,000 followers centers around XRP. He said that should Ripple Labs and the US SEC announce their lawsuit settlement, it might force investors to respond positively. This positive response will impact XRP more, considering it is at the center of this legal showdown.
At the time of writing, XRP price changes hands for $0.5149, up 2.84% in 24 hours. Any potential positive update on the case might push the altcoin closer to its projected $1 mark to complement this growth.
Though the market remains unpredictable, one or more of these factors might play a crucial role in helping it reset in the future.
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