This week, Bitcoin faced significant selling pressure due to concerns about demand and ETF outflows, falling below the $65,000 support level for the second consecutive week. The decline of more than 12% from the highs indicates that market sentiment has turned bearish. In particular, major Bitcoin ETFs received a total of $145.9 million in net flows, led by Fidelity Wise Origination Bitcoin Fund (FBTC).
The result increased after the decision of the Central Bank to keep the interest rate at 5.25-5.50%, with the mark this year.
Is there hope for Bitcoin?
Early Analysis :
Despite the current negative situation, analyst George from CryptosRUs remains bullish on Bitcoin. He said that the value of Bitcoin can double in 15 days, based on the history that caused Bitcoin to bounce back after a period of many gains in the US stock market. At the beginning of this year, the price of Bitcoin rose by 80% after the decline, showing its resilience.
George highlighted the main advantages of Bitcoin in the face of economic uncertainties such as social media and inflation. Factors such as reduced supply and increased global demand due to the decline in activity are expected to be the main drivers of future price increases.
Advice for investors
George advises investors to be patient and disciplined. He recommends investment strategies such as dollar cost averaging (DCA) in cryptocurrencies. He still believes that despite the current state of the market, progress is inevitable, predicting the possibility that Bitcoin will exceed $ 300,000 in the future.
Looking at historical events, George expects crypto prices to rise and urges investors to wait patiently for these opportunities.
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