As of the time of writing this article, the Bitcoin trading price is $64,264, experiencing a roughly bearish week. However, we may believe that there are three reasons for the market to recover soon.
First, there has been a large volume of Bitcoin sales recently, including the transfer of 1.6 BTC worth $2.5 trillion from “dormant” wallets. Additionally, another whale has transferred 700 Bitcoins at a price of over $1.1 trillion, reportedly with the intention to sell.
However, behind the recent downturn, the bears seem to have lost momentum, which could lead to more buying pressure and subsequent price recovery, as the current price seems to be an appropriate entry point.
Secondly, contrary to the $54.5 billion outflow from the spot Bitcoin ETF last week, issuers remain optimistic about a rebound next week. Despite the recent low trading activity and concerns about Bitcoin’s recent performance, they expect funds to flow back in.
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Lastly, the potential approval of the Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) may have a positive impact on Bitcoin. The SEC’s recent decision to reject the Ethereum 2.0 investigation showed favorable results for the Ethereum ETF, which is also a good sign for Bitcoin.
These factors lead people to believe that Bitcoin still has the potential to reach $100,000 in the medium term.
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