At the time of writing this article, the Bitcoin trading price is $64,264, experiencing a generally bearish week. However, we may believe that the market is about to recover for three reasons.
Firstly, there have been significant sell-offs of Bitcoin recently, including the transfer of 25,000 BTC worth $1.6 billion from a “dormant” wallet. Additionally, another whale transferred 11,000 BTC for over $700 million, presumably for selling.
Nevertheless, amidst the recent downturn, it appears that the bears are running out of steam, which could lead to an increase in purchases and subsequent price recovery, as the current price seems like a suitable entry point.
Secondly, despite the outflows of $545 million from the Bitcoin spot ETF last week, issuers remain optimistic about the recovery in the coming week. They expect a resurgence of inflows despite the recent sluggish trading activity and concerns about Bitcoin’s short-term performance.
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Lastly, the potential approval of S-1 applications for spot Ethereum ETFs by the Securities and Exchange Commission (SEC) may have a positive impact on Bitcoin. The recent SEC decision to reject the investigation of Ethereum 2.0 shows a favorable outcome for Ethereum ETFs, which bodes well for Bitcoin as well.
These factors contribute to the belief that reaching $100,000 for Bitcoin in the medium term remains a possibility.
