As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market ups and downs. The approval of spot Bitcoin ETFs at the start of 2024 was undeniably exciting, with the BTC price soaring to new all-time highs of $74,000. However, the subsequent underperformance during Q2 has been disheartening, especially given the strong miner capitulation and resistance at key levels.
In the beginning of 2024, Bitcoin experienced a remarkable surge, marked by the approval of spot Bitcoin ETFs. Consequently, Bitcoin’s price reached an unprecedented peak of $74,000. Yet, Bitcoin’s price action during the second quarter was less impressive, especially after the halving event took place.
Bitcoin miners’ mass surrender to weaker prices has significantly hindered Bitcoin’s attempt to break through the formidable resistance levels of $69,000 and $70,000. At present, the BTC price has retreated by 1.26%, bringing it down to nearly $66,000. According to crypto market analysts, a potential three-month period of subpar Bitcoin performance might precede its continuation of the uptrend.
Bitcoin vs Stocks vs Bonds
In the second quarter, the performance of stocks and bonds surpassed that of Bitcoin, despite Bitcoin’s significant market surge. According to Bloomberg’s data, commodities, bonds, and global stocks all outperformed Bitcoin during this period. Traditional asset classes, including commodities, bonds, and stocks, have shown positive returns in the second quarter so far, whereas Bitcoin has experienced a 5% decline.
According to Bloomberg’s analysis, Bitcoin gained traction amongst investors due to their enthusiasm following the introduction of spot Bitcoin ETFs and the anticipated interest rate reductions. Yet, it appears that this optimistic sentiment may be fading over time.
JPMorgan, a leading bank in the financial sector, anticipates that the total investment inflows into cryptocurrencies, including ETFs and venture capital funding, will amount to approximately $12 billion. Nevertheless, this figure is significantly lower than the massive $45 billion influx during the 2021 crypto market boom or the $40 billion worth of investments even during the crypto winter of 2022.
BTC Price Consolidation to Continue for Three More Months
Expert analysis by Rekt Capital reveals that Bitcoin’s price has been encountering resistance at the upper boundary of its current range, which stands at $70,000. Over the past 90 days, Bitcoin has been trading within this established range, bouncing between the support level of $60,600 and the resistance level of $71,500. According to historical price trends, it’s plausible that Bitcoin might continue consolidating for a further three-month period.
#BTC
Bitcoin rejects from the Range High resistance again
For the past three months, Bitcoin’s price has fluctuated between $60,600 and $71,500, following a wave-like pattern.
History suggests this consolidation could go on for another 3 months$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) June 14, 2024
In a previous post, Rekt Capital expressed the belief that this extended phase of price stability would ultimately prove advantageous for investors, leading to a prolonged uptrend in the future.
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2024-06-15 03:26