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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 $60,000 mark, noting that maintaining this level could ensure Bitcoin’s continued positive momentum.
Great news!$BTC is back in the range. It had a deviation beneath the range low. However, in the past few days, it rallied back into the range.
As long as $60K holds, I’m expecting to see a continuation towards the all-time high in Q3. pic.twitter.com/2vOTdGmC26
— Michaël van de Poppe (@CryptoMichNL) July 16, 2024
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.
🤑 FOMO has made a return with Bitcoin back at $63.3K. Crypto began rebounding almost precisely after Trump’s near assassination Saturday, and it hasn’t slowed down since. Cautiousness is recommended when the crowd has collectively become so bullish without many signs of fear. pic.twitter.com/B0AuAqTO1v
— Santiment (@santimentfeed) July 15, 2024
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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Do you think Bitcoin can reach its all-time high again by Q3? Share your thoughts.