Bitcoin

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-remains-steady" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Remains Steady</a><br></p>
<p style="text-align: justify">The price of Bitcoin continues to hover around $58,900 despite encouraging Producer Price Index (PPI) <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, while altcoins show a decline. With Mt Gox nearing the conclusion of its sales, nearly $2 billion has been moved. This raises questions about whether cryptocurrencies will rebound after these significant sales that caused a drop to $49,000 and why the M2 money supply information is crucial.</p>
<h2 id="cryptocurrencies-and-m2-supply-what-is-the-connection">Cryptocurrencies and M2 Supply: What is the Connection?</h2>
<p style="text-align: justify">Jamie Coutts, chief <a href="https://en.bitcoinhaber.net/cryptocurrency-prices-fall-sharply" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> at Real Vision, asserts that the cryptocurrency market is at a phase where a substantial rise might be imminent. Coutts, referencing the M2 money supply, indicates that Bitcoin has historically reached its lowest levels a few months before the global M2 bottomed out. This has been followed by a mid-cycle correction, positioning Bitcoin ahead of liquidity trends.</p>
<p style="text-align: justify">According to Coutts, the current scenario, when aligned with spot Bitcoin ETFs and the global money supply cycle, presents an ideal setup. Despite this optimism and signs of market recovery post last week’s major sell-off, Bitcoin remains below the critical $60,000 mark.</p>
<h2 id="what-are-the-cryptocurrency-predictions">What Are the Cryptocurrency Predictions?</h2>
<p style="text-align: justify">The downtrend that started on July 28 persists. Such downturns are typical even in bull markets and can be particularly draining for altcoin <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>. Although rising ETF demand and the upcoming November elections provide some encouragement, short-term volatility remains a concern. Analyst Rekt Capital, known for astute observations of long-term and short-term market changes, emphasizes the importance of strong buying volume for Bitcoin during retests of its downtrend.</p>
<p style="text-align: justify">Rekt Capital points out that while the downtrend indicates lower prices over time, successful retests at lower prices are possible. The focus should be on the trend’s continuation, with strong buying volume being crucial during these periods.</p>
<h2 id="actionable-insights-for-investors">Actionable Insights for Investors</h2>
<ul>
 <li>Monitor Bitcoin’s price action during significant market events and retests.</li>
 <li>Evaluate the impact of global M2 supply trends on cryptocurrency cycles.</li>
 <li>Consider the role of ETF demand and regulatory developments in market movements.</li>
 <li>Stay updated with quarterly reports, particularly those indicating ETF purchases.</li>
</ul>
<p style="text-align: justify">Some analysts foresee a final correction down to $55,000. However, if the upcoming inflation data is favorable, investor sentiment could rebound significantly. Additionally, companies continuing to accumulate ETFs are expected to complete their reporting soon, potentially reporting ETF purchases for the first time. These reports could enhance risk appetite as seen previously.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-remains-steady" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Remains Steady</a></h5>

Bitcoin Price Remains Steady

Table of Contents

BH NEWS

Other articles published on Aug 13, 2024

Top Gaming Altcoins To Stack Now: It’s Not Too Late

Japanese Investment Firm Metaplanet Continues to Buy Bitcoin! Here's Its Latest Bitcoin Move!

Dogecoin Price Analysis: Here’s When DOGE Price Could Trigger a 35% Upswing!

Judge Approves $12.7B Repayment Plan for FTX Creditors

Recent Developments Drive MakerDAO’s MKR Token Up 3%: Key Takeaways in Light of Top Meme Coins Pr...

Binance Labs Announces Second Cohort of Season 7 Incubation Program: Aarc, FluxLayer, and Ton Ton...

Join our free newsletter for daily crypto updates!