Bitcoin’s price plummeted on Monday, extending its decline since June 7th when it reached $72,000. The cryptocurrency tested the $60,000 level, marking a 15% loss in recent weeks.
Jerrymusa.com reports that this downturn triggered a sharp sell-off in altcoins like Turbo, Solana, and Cardano, with losses exceeding 20%.
The crypto industry is gripped by fear and pessimism, reflected in the fear and greed index dropping to 49 from its year-to-date high of over 90.
Bitcoin Bullish Prediction
Despite this, some analysts remain optimistic about Bitcoin’s long-term uptrend.
Crypto analyst Rekt Fencer predicts a rebound later this year, citing historical consolidation patterns after halving events and potential catalysts like the US election, interest rate cuts, and Ether ETF approvals.
He noted that Bitcoin tends to consolidate after halving, and this consolidation happens due to the concept of “buying the rumor and selling the fact.”
Rekt also identified three key reasons for the current consolidation: the summer period’s stagnation, Ethereum ETF uncertainty, and the lack of a clear market narrative.
Rekt believes that other altcoins will benefit from Bitcoin’s rebound, as they tend to outperform during bull runs.
Ethereum’s price will rise with the approval of Ether ETFs, leading to increased inflows. Solana’s price will also benefit from Ethereum ETF approvals, as companies are likely to file for Solana ETFs.
However, there are risks to the bullish prediction, including Bitcoin’s triple-top chart pattern, which could indicate further downside if the neckline at $56,520 is breached.