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.
Bitcoin’s market performance throughout June has been defined by a downtrend. However, a breakout from this trend could trigger a price reversal and put BTC back on an upward trajectory, according to analyst Rekt Capital.
Bitcoin: Time for a Reversal?
This bearish pressure does not herald the beginning of a parabolic move upwards, but rather a local reversal. Consequently, Bitcoin could remain within the price range of $60,600 to $71,500! A zone that has been frequently highlighted by Rekt Capital in his analyses.
The current market dynamic is comparable to previous 60-day post-halving periods, which may come as a relief to investors concerned about the potential conclusion of the current bull market. Furthermore, Rekt Capital has identified a pattern suggesting that Bitcoin could retrace to $64,000 in the coming weeks and gradually ascend back to $71,000 by September.
Future Prospects for BTC
Recently, Bitfinex analysts noted that Bitcoin is facing pressure from different categories of investors, including whales, long-term holders, and miners. The on-chain metrics associated with these three cohorts of BTC holders remain unfavorable for Bitcoin’s future prospects.
The inflows of BTC into exchange platforms have been observed to be increasing in proportion to the total inflows, signaling greater activity from whales. This trend typically precedes a price decrease.
Moreover, an inverse correlation has been noted between the Bitcoin price and miner reserves! With a significant decrease in miner reserves coinciding with the peak Bitcoin price in March 2024. As miner reserves approach four-year lows, it suggests that selling pressure from this category could reach critical levels, potentially influencing the future market dynamics.
Despite the headwinds faced by Bitcoin, the possibility of a trend reversal in June remains open. Investors will need to keep a close watch on whale activity and miner reserves to gain a better understanding of future market movements. Caution is still advised, but the hope for a bullish recovery is not yet lost.
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News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-time-reversal-arrived.html
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