Is it bottom ?
The price is still in a wide range between 60k and 70k, now at the lower boundary. if we look only at the chart and according to the canons of technical analysis we should soon see BTC in the 51k-52k zone (path B).
but I'm looking at the big picture and path A is closer to me.
1/ the listing of the spot ETH-ETF will take place in early July, which will definitely be a strong trigger for growth.
2/ there are a lot of shorts and negativity in the market right now, which means the fuel for that very trigger growth is present.
3/ if the bullish investor consensus strengthens on positive macro data, then capital flows into spot BTC & ETH ETF's will be off the charts, which will create a demand imbalance (plus FOMO) in the market and lead to stronger growth. Macro data is expected to come out good in July and may start the discussion of a rate cut in September. The actual rate cut in September will *sell the news*.
4/ In a US election year, historically good activity in the summer and in September/October markets reassure and freeze in anticipation of election results
4/ onchain metrics continue to signal that we are in a bull market and whales continue to build exposure to top coins. I expect the next two months to be bullish and portfolios to turn a nice green over the summer.
but I'm looking at the big picture and path A is closer to me.
1/ the listing of the spot ETH-ETF will take place in early July, which will definitely be a strong trigger for growth.
2/ there are a lot of shorts and negativity in the market right now, which means the fuel for that very trigger growth is present.
3/ if the bullish investor consensus strengthens on positive macro data, then capital flows into spot BTC & ETH ETF's will be off the charts, which will create a demand imbalance (plus FOMO) in the market and lead to stronger growth. Macro data is expected to come out good in July and may start the discussion of a rate cut in September. The actual rate cut in September will *sell the news*.
4/ In a US election year, historically good activity in the summer and in September/October markets reassure and freeze in anticipation of election results
4/ onchain metrics continue to signal that we are in a bull market and whales continue to build exposure to top coins. I expect the next two months to be bullish and portfolios to turn a nice green over the summer.
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