Is the Worst Over for Bitcoin? What is Needed for the Rise to Continue? Analysts Explain!

Bitcoin for a long time Mt.Gox ve German governmentWhile we are experiencing sharp declines in the face of selling pressure caused by the stock market, the period of selling pressure seems to be over.

As the price of Bitcoin has risen above $62,000, analysts are predicting that the end of the German BTC sell-off and the Mt. Gox payouts are almost priced in, BTC He thinks the worst selling period for may be over.

At this point, Ben Simpson, founder of crypto research platform Collective Shift, He said that a local bottom has formed in Bitcoin and he believes that the BTC price is entering an uptrend.

Simpson said there are several important catalysts that could cause Bitcoin’s price to rise in the coming weeks and months, including potential interest rate cuts by the US Federal Reserve and strong inflows into spot Bitcoin ETFs.

The Worst Is Over for Bitcoin!

Outside of Simpson eToro market analyst Josh Gilbert, Noting that the increasing probability of Donald Trump winning the upcoming US presidential election has contributed positively to Bitcoin and cryptocurrency prices, He said the worst is over for Bitcoin.

“We have seen weakness in Bitcoin and crypto over the last few months, but I think the worst may be over.

While there is any short-term weakness, the dip is likely to be bought and the decline is likely to be very brief, with positive support such as the Ethereum ETF launch and of course the potential election of a more pro-crypto US presidential candidate Trump.

“This week’s attack on Donald Trump has had a positive impact on his reelection chances. Former President Trump’s pro-crypto stance has sent Bitcoin and crypto assets soaring in the process.”

Short-Term Pressure on Bitcoin May Continue into the Summer Months!

Finally, Mark Hiriart, chief executive of crypto asset manager Zerocap, said: He noted that despite Bitcoin breaking above $62,000, it needs to turn the $60,000 resistance into support, so the price should remain stable above the $60,000 level for a while longer.

Hiriart also argued that in order for BTC to rise to $65,000 and above, it must first regain its 50-day and 100-day simple moving averages.

Hiriart also recently warned investors that potential Bitcoin refunds at Mt. Gox could have some negative impacts on the price.

“With Mt. Gox creditors having a decade of profits under their belt, it would be naive to think that they won’t sell and take profits.

The question is how the distributions will be spaced and what percentage of buyers have the potential to sell.

“I think the short-term pressure on the market could continue into the summer months.”

*This is not investment advice.