Crypto analyst Rekt Capital recently shared an optimistic viewpoint for Bitcoin investors, suggesting that the intense sell pressure on the flagship cryptocurrency is coming to an end. According to Rekt Capital, the sell-side volume has reached levels of Seller Exhaustion, which have not been seen since the Halving event in April. This presents a bullish signal for Bitcoin, indicating a potential reversal in the near future. The recent rebound in Bitcoin’s price, following a drop below $50,000 for the first time since January, further supports this optimistic outlook.
Rekt Capital also mentioned that Bitcoin could potentially reach as high as $62,550 in the short term as it aims to fill the CME gap between $59,400 and $62,550. The analyst highlighted that Bitcoin has a track record of filling CME gaps, further reinforcing the likelihood of this price target being achieved. With the sell-side volume reaching a peak, there is a possibility that Bitcoin has found a bottom and that the current correction could pave the way for a new bullish trend in the market.
Crypto analyst Skew also weighed in on the recent sell-side volume surge in Bitcoin, attributing it to the failure of Bitcoin to sustain its price above $70,000 after a price rally in July. Despite the price correction, Skew emphasized that there is no need to panic as there is no significant chaos in the market. The data from Coinglass reflects a rise in Bitcoin’s dominance, driven by the inflow of new capital through Spot Bitcoin ETFs. This dominance has put pressure on altcoins, which are struggling to attract investment from retail investors diversifying their portfolios.
Traders and analysts like Peter Brandt have compared Bitcoin’s recent decline to the price drop witnessed during the 2015 to 2017 Halving bull market cycle. This comparison hints at a potential turnaround for Bitcoin, especially with the current market conditions indicating seller exhaustion and a possible bottom formation. Analysts like Roman anticipate Bitcoin’s dominance to continue rising, absorbing liquidity in the market and keeping altcoins like Ethereum trading sideways in the short term. As Bitcoin continues to trade around $56,000, up over 10% in the last 24 hours, the market sentiment remains cautiously optimistic about the flagship cryptocurrency’s future performance.
The recent market trends and analyst predictions suggest a positive outlook for Bitcoin in the near future. With signs of seller exhaustion and potential price targets on the horizon, investors and traders are closely monitoring the market for further developments. Despite the challenges posed by rising Bitcoin dominance, altcoins are expected to find opportunities for growth in the evolving cryptocurrency landscape.