The third week of July has kicked off on a positive note, with Bitcoin’s price rising to $64,989 after briefly falling below $54,000 earlier in June. This impressive comeback has boosted optimism among investors. Meanwhile, prominent crypto analyst Michael van de Poppe believes that if Bitcoin can maintain its current price level, it is likely to reach its all-time high in the third quarter.
Bitcoin To Hit ATH By Q3
According to Michael van de Poppe’s analysis, Bitcoin (BTC) has successfully bounced back into its trading range after dropping below recent support levels. The analyst further highlights the importance of the $60,000 level, noting that as long as Bitcoin holds above this price, it is likely to maintain its positive momentum.
Great news!$BTC is back in the range. It had a deviation beneath the range low. However, in the past few days, it rallied back into the range.
As long as $60K holds, I’m expecting to see a continuation towards the all-time high in Q3. pic.twitter.com/2vOTdGmC26
— Michaël van de Poppe (@CryptoMichNL) July 16, 2024
Looking ahead, Van de Poppe predicts that this upward trend will continue, with a strong chance of Bitcoin reaching new all-time highs in the next few months. This optimistic forecast comes as interest in Bitcoin grows and the market begins to stabilize.
Strong Inflows Boost In Market
Adding to the positive sentiment, spot Bitcoin exchange-traded funds (ETFs) saw significant inflows, totaling $301 million on Monday, with no ETFs reporting outflows. Notably, BlackRock’s IBIT and Ark Invest’s ARKB each led the inflows, contributing $117.2 million. This strong activity in the ETF market further supports the bullish outlook for Bitcoin.
Santiment Warning To Investors
Santiment, a blockchain analytics platform, is urging investors to be cautious after a quick rise in market optimism. They recommend thinking carefully when the crowd becomes very positive without clear signs of concern.
🤑 FOMO has made a return with Bitcoin back at $63.3K. Crypto began rebounding almost precisely after Trump’s near assassination Saturday, and it hasn’t slowed down since. Cautiousness is recommended when the crowd has collectively become so bullish without many signs of fear. pic.twitter.com/B0AuAqTO1v
— Santiment (@santimentfeed) July 15, 2024
This surge in hope seems connected to positive sentiments about Donald Trump potentially winning the election in November. Many investors believe that under his leadership cryptocurrency market will grow.
In addition, the Crypto Fear & Greed Index has shown big swings in just three days from “extreme fear” to “greed.” This sudden change shows the ongoing rally in the crypto market, but it also shows how uncertain current feelings are among investors.
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