Analyst Forecasts Bullish Surge as Bitcoin Price Predictions Shift from Fear to Greed
## Story Highlights
– Crypto analyst Doctor Profit identifies Bitcoin’s new bottom, signaling a positive market shift.
– Ongoing miner capitulation suggests Bitcoin could exceed $80,000 to remain profitable.
– Launch of the ETH ETF delayed until mid-July or August, with a bullish outlook predicted.
Bitcoin, the reigning leader of digital currencies, is experiencing a pivotal moment. After a recent decline, its price has rebounded by 7%, reaching $63,700 today. What’s fueling this sudden upswing? This notable increase comes as investors respond to developments related to the upcoming US 2024 Presidential Elections.
Could this be the beginning of a new bull run? Read on to find out.
### Optimism for Bitcoin!
In a recent tweet, prominent crypto analyst Doctor Profit highlighted the formation of a new bottom for Bitcoin. This indicates a potential market sentiment shift and recovery scenarios.
Bitcoin’s Fear and Greed Index recently plummeted to its lowest level in 18 months, signaling a significant change in market sentiment. Additionally, the Relative Strength Index (RSI) has dropped to a year-long low, reinforcing the possibility of a bottom formation.
**#Bitcoin – What’s Next?**
The comprehensive Sunday report covers everything you need to know:
– **TA/LCA/Psychological Analysis:**
– **A New Bottom Formation:** The Bitcoin Fear and Greed Index hitting its lowest level in 18 months indicates a major shift in market sentiment. Meanwhile, the RSI has…
– pic.twitter.com/gOXLBZGA9X
– — Doctor Profit (@DrProfitCrypto)
– June 30, 2024
Analysts suggest that Bitcoin is consolidating within the $57,000 to $60,000 range, a crucial zone for establishing a local bottom. While there may be temporary dips below this range to trigger liquidity hunts, these declines are expected to be gradually countered by buying activity, particularly within this price range.
### Impact of Mt. Gox Repayment
Amid market analysis, addressing concerns about Mt. Gox’s repayment is essential. Out of the total 142,000 BTC slated 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.
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 exceeding $80,000 sooner than expected. This adjustment is vital for maintaining mining profitability and network stability.
### Altcoin Market Updates
Turning to altcoins, there is news of a delay in the anticipated launch of the ETH ETF, 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.
Is it time to dust off your Bitcoin wallets? The future might be brighter than ever.