As of writing this article, the Bitcoin trading price is $64,264, experiencing a roughly bearish week. However, there are three reasons why we may believe that the market is about to recover.
Firstly, there have recently been significant sell-offs of Bitcoin, including the transfer of 25,000 BTC worth $1.6 billion from a “dormant” wallet. Additionally, another whale transferred 11,000 BTC for over $700 million with the presumed intention of selling.
Nevertheless, amidst the recent downturn, it appears that the bears are exhausting themselves, which may lead to an increase in buying and subsequently a price recovery, as the current price seems like an appropriate entry point.
Secondly, despite the outflows of $545 million from Bitcoin spot ETFs last week, issuers remain optimistic about the recovery in the coming week. They expect a renewed influx despite the recent sluggish trading activity and concerns about Bitcoin’s short-term performance.
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And finally, the potential approval of the S-1 applications for Ethereum spot ETFs by the Securities and Exchange Commission (SEC) could have a positive impact on Bitcoin. The recent decision by the SEC to reject the investigation of Ethereum 2.0 shows a favorable outcome for Ethereum ETFs, which bodes well for Bitcoin as well.
These factors contribute to the belief that reaching $100,000 for Bitcoin in the medium term remains a possibility.
