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Bitcoin: Is It Already Time for the Long-Awaited Comeback?

Thu 20 Jun 2024 ▪ 3 min of reading ▪ by Eddy S.
Getting informed Crypto regulation

The Bitcoin market has been marked by a downward trend throughout June. However, according to analyst Rekt Capital, a break in this trend could trigger a price reversal and put BTC back on an upward trajectory.

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Bitcoin: Has the Time for Reversal Arrived?

The current bearish pressure does not announce the start of a parabolic move upwards but rather a local reversal. This means Bitcoin could remain in the price range between $60,600 and $71,500! A zone frequently described by Rekt Capital in his analyses.

The current market dynamic is comparable to previous 60-day post-halving periods. This could reassure investors worried about the potential end of the current bullish cycle. Rekt Capital has also identified a pattern in which Bitcoin could retract to $64,000 in the coming weeks and slowly climb back to $71,000 by September.

What Future for BTC?

Bitfinex analysts recently pointed out that Bitcoin is under pressure from various investors, such as whales, long-term holders, and miners. On-chain data associated with these three BTC holder groups remains unfavorable for Bitcoin’s future. The inflows of BTC to exchange platforms have increased in proportion to total inflows. Signaling increased whale activity, a trend that usually precedes a price drop.

Moreover, an inverse relationship between the price of Bitcoin and miner reserves has been observed! With a notable decline in miner reserves coinciding with the peak Bitcoin price around March 2024. With miner reserves nearing four-year lows, this suggests that the selling pressure from this group could reach a critical point, potentially impacting the future market dynamics.

Although Bitcoin is facing headwinds, the possibility of a trend reversal in June remains open. Investors will need to closely monitor whale activity and miner reserves to better understand future market movements. Caution is still advised, but the hope for a bullish recovery is not yet lost.

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Eddy S. avatar
Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.