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 the market is about to recover for three reasons.
First, there has been a significant recent increase in sales volume of Bitcoin, including the transfer of 1.6 BTC worth $2.5 trillion from dormant wallets. In addition, another whale transferred 700 Bitcoins at a price exceeding $1.1 trillion, allegedly with the intention to sell.
However, behind the recent decline, bears seem to have lost momentum, which could lead to more buying pressure and subsequent price recovery, as the current price appears to be an appropriate entry point.
Secondly, in contrast to the outflow of $54.5 billion from the spot Bitcoin ETF last week, issuers remain optimistic about the rebound next week. Despite recent low trading activity and concerns about Bitcoin’s recent performance, they expect funds to flow back in.
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Finally, the potential approval of the Ethereum ETF by the US Securities and Exchange Commission (SEC) may have a positive impact on Bitcoin. The SEC’s recent decision to reject the Ethereum 2.0 investigation has shown favorable results for 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 mid-term.
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