As a researcher with extensive experience in the crypto market, I’ve witnessed firsthand the rollercoaster ride that July 2024 has been. Contrary to the optimistic expectations of a bullish month, the crypto market plunged into a crash, sending shockwaves through investor sentiment.
In the belief of an optimistic market environment, July was anticipated to be a stellar month for investors. However, the initial two weeks presented an entirely contrasting scenario. The opening act was marked by a steep decline, leading to a turbulent start for the entire crypto market. Fear and apprehension permeated the investor community as the price of Bitcoin dipped below $54,000. Consequently, the global market capitalization plummeted to an astounding $1.97 trillion. This downturn brought about a flurry of negative events within the crypto sphere.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin has dipped into the “extreme fear” territory for the first time in the past 18 months. Based on the Fear and Greed Index, the sentiment among users is currently at a low of 25, indicating an extremely concerning state for this digital currency. However, it’s important to note that this wasn’t an abrupt shift; Bitcoin had been displaying fearful tendencies for several days prior, with the index reading at 29.
Analyzing The Bitcoin Performance
Bitcoin experienced some significant growth this year, reaching an unprecedented peak of $73,750.07 on March 14. As the forecasts continued to improve, the expectation of surpassing $100,000 became increasingly likely, especially following the BTC halving in April. Historically, prior Bitcoin halvings have been preceded by substantial bull runs, followed by brief corrections a few months afterwards.
BTC experienced several price corrections this month, resulting in a market crash. At the start of the month, selling pressure intensified significantly due to various factors including the German government offloading seized Bitcoins, Mt Gox returning hacked tokens from a decade past, Bitcoin outflows, and other reasons.
Over time, the Bitcoin price dipped to $53,904 before bouncing back up to $59,323, falling just short of reaching $60,000. However, another attempt to surpass this mark was unsuccessful, leading to anxiety among investors and sparking significant fear in the market. Currently, the Bitcoin price stands at $57,135.40, representing a 15% decrease over the past month.
More Drop On The Way?
I, as a crypto market analyst, have observed a significant divide in opinions regarding Bitcoin’s future performance. While some analysts, including myself in the past, have expressed optimism about potential bounce-backs and new gains, others have issued warnings of a possible decline, with some even predicting a drop down to $30k. Crypto analyst Justin Bennet recently posted on his platform about Bitcoin’s latest failure to surpass the $60k recovery mark and how the charts are showing signs of a rising wedge pattern. This pattern indicates a continuation of the downtrend, suggesting that further price decreases could be on the horizon.
$BTC rejected from $60k yet again.
And now we have a potential rising wedge forming, which could point to further downside.
As a researcher studying Bitcoin’s price movements, I’ll be observing closely to see if we experience a complete resistant test again in the coming hours. Keep an eye on this intriguing four-hour pattern. #Bitcoin
— Justin Bennett (@JustinBennettFX) July 11, 2024
Robert Kiyosaki’s latest prediction is more alarming: He believes that Bitcoin and other assets are on the verge of a major crash. Remarkably, just hours after he shared this forecast on social media, the crypto market experienced a significant downturn and has yet to fully recover.
The German government has nearly sold all of its Bitcoins, which could lead to a market rebound as selling pressure lessens. Additionally, US inflation rates for June came in at 3% and 3.3% for the core rate. This decrease may influence the Federal Reserve to reduce interest rates, potentially benefiting Bitcoin prices.
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2024-07-12 11:34