Bitcoin ($BTC) is trying to maintain support around the $60,000 level, but continues to face a number of unfavorable factors, including large outflows from US spot ETFs, concerns about a potential Fed rate hike, a strong dollar, rising Treasury yields, and military conflicts in the Middle East.
Amid these negative developments, further declines in Bitcoin continue to be predicted, with the most frequently mentioned option being $50,000.
At the moment, analytics firm QCP Capital predicts that Bitcoin could reach $55,000.
Analysts at QCP Capital noted increased demand in the options market. $BTC The price range at the end of July was a put option between $55,000 and $58,000.
Analysts also added that risk reversal indicators primarily favor put options.
Finally, QCP Capital identified $58,000 and $1,500 as key support levels for Bitcoin and Ethereum, respectively.
Bitcoin’s first bottom signal has arrived!
Furthermore, CryptoQuant analyst MorenoDV claims that the first bottoming signals are appearing in Bitcoin’s on-chain indicators.
According to the analyst, the first on-chain signal indicating a possible bottom for Bitcoin has been observed. At this point, analysts noted that the Bitcoin UTXO block’s profit and loss margin had fallen to a level consistent with historical market lows.
However, this does not necessarily mean that we have reached the bottom. According to the analyst, there needs to be a strong signal of a bottom for Bitcoin, and the 365-day moving average needs to drop further. In other words, the current bear market could face further declines and market shocks before it completely ends.
“…rates have fallen into areas historically seen in bottom-forming stages. However, this does not mean the bottom has been reached. Bitcoin may have to endure more pain before fully exiting the bear market stage…”
*This is not investment advice.
