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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jul 16, 2024 10:03 UTC
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Bitcoin Price Hits $65k! New All-Time High Soon?
Crypto Analyst Michael van de Poppe predicts Bitcoin reaching new all-time highs by the third quarter.
Significant ETF inflows, totaling $301 million, supporting the bullish outlook for Bitcoin.
Santiment warns investors to be cautious amid rising market optimism and sentiment swings.
The third week of July has begun with a burst of optimism in the crypto world. Bitcoin’s price has surged to $64,989, rebounding from a dip below $54,000 in June. This impressive recovery has rekindled investor enthusiasm. Prominent crypto analyst Michael van de Poppe is optimistic, suggesting that if Bitcoin can sustain its current price, it may well hit a new all-time high in the third quarter.
A Strong Rally to the Top
According to van de Poppe, Bitcoin (BTC) has successfully rebounded into its trading range after briefly falling below key support levels. He underscores the significance of the $60,000 mark, noting that maintaining this level could ensure Bitcoin’s continued positive momentum.
Looking ahead, van de Poppe anticipates that this upward trajectory could lead to new record highs in the coming months. His forecast reflects a growing interest in Bitcoin and a stabilizing market.
ETF Inflows Signal Confidence
Adding to the bullish sentiment, Bitcoin spot exchange-traded funds (ETFs) experienced a surge in inflows, reaching $301 million on Monday. Notably, BlackRock’s IBIT and Ark Invest’s ARKB were at the forefront, each contributing $117.2 million. This robust ETF activity reinforces the positive outlook for Bitcoin.
A Word of Caution from Santiment
However, Santiment, a blockchain analytics platform, advises investors to exercise caution following this swift rise in market optimism. They recommend a measured approach when the general sentiment becomes overwhelmingly positive without visible signs of concern.
This surge in hope seems connected to positive sentiments about Donald Trump potentially winning the election in November. Many investors believe that under his leadership cryptocurrency market will grow.
Moreover, the Crypto Fear & Greed Index has displayed dramatic shifts from “extreme fear” to “greed” within just three days. This rapid change highlights the ongoing volatility in the crypto market and the uncertain sentiment prevailing among investors.
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