Key Points
- Bitcoin is surrounded by optimistic price predictions, despite the recent selling pressure.
- BTC is currently trading above $61,000.
Bitcoin remains surrounded by optimistic predictions despite the recent price drops. At the moment of writing this article, BTC is trading above $61,000.
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The popular crypto investor Scott Melker also known as The Wolf Of All Streets on X shared a message earlier today via the social media platform, reminding traders of BTC bull market corrections.
He said that we historically have multiple 30% and 40% corrections in a bull market, and in the current cycle, the largest correction has been 23.48%.
He also noted that the current correction is above 18% and such price moves are “nothing in a bull market.”
He ended his post on X by telling his followers to remain calm. Melker also shared a graph showing BTC’s corrections over the past bull markets.
Bitcoin on-chain analyst Willy Woo also addressed the recent price moves of BTC, highlighting the fact that they are mainly caused by the miner capitulation event.
Bitcoin’s recent sell-off triggered by a prolonged miner capitulation was also expedited by the recent Mt. Gox announcement. The infamous defunct Japanese crypto exchange will start refunding creditors the recovered Bitcoin and Bitcoin Cash starting in July.
Bitcoin remains surrounded by optimistic predictions
Bitcoin has been seeing a lot of political support as well lately coming mainly from the former US President, Donald Trump.
He is reportedly considering speaking at the Bitcoin 2024 event in Nashville, Tennessee. This news comes from two individuals familiar with the matter.
Also, despite potential threats that could increase the selling pressure on BTC, the put-call ratio of Bitcoin options remains optimistic as well as the quarterly expiry approaches. This positive sentiment persists even ahead of potential downside risks for the leading digital asset.
The most important downside risks come from more factors. Besides the miner capitulation and the Mt. Gox announcement, German authorities have seized 50,000 Bitcoin, valued at over $3 billion at current prices, from a piracy operation.
Also, U.S. spot Bitcoin ETFs have seen their seventh consecutive day of outflows on June 24, of $174 million, according to SoSoValue data.
Despite all these pressures, derivative market indicators continue to display a sustained bullish sentiment for Bitcoin. This bullish sentiment is evident as Bitcoin approaches the weekly, monthly, and quarterly options expiry.
