Bitcoin Bulls Take Charge
According to analysts, the German government and the end of Mt. Gox’s selling pressure opened the way for the rise of Bitcoin (BTC).
Bitcoin (BTC) approached $63,000. Analysts said that with the German government selling all of its BTC and Mt. Gox’s agenda fading, a relaxation could be experienced.
Market analyst Josh Gilbert, in a statement to Cointelegraph, stated that BTC has overcome the worst and positive price movements could be seen soon.
Many analysts, sharing similar views, signaled an uptrend.
Bitcoin Bulls on Stage
The leading cryptocurrency Bitcoin (BTC) saw a nearly 15% increase in the past week. Erasing the effects of the previous week, BTC started the new week with the appetite of the bulls.
Ben Simpson, founder of the crypto education platform Collective Shift, mentioned that a local bottom has formed in BTC and the price is now evolving into an uptrend.
The Impact of Recent Developments on Bitcoin Price
Bitcoin has been affected by recent events such as the pressure from the German government and the repayments from Mt. Gox, as reported by Simpson.
Simpson also mentioned important factors that could trigger a rise. Highlighting the U.S. agenda, Simpson stated, “Jerome Powell recently hinted at the possibility of lowering interest rates. In addition to all this, the S&P 500 reaching new highs and strong Bitcoin ETF inflows reversing are also significant factors.”
Founder of Apollo Sats, Thomas Fahrer, shares a similar view. Fahrer, in a post on X, pointed out that Bitcoin’s rise has liquidated more than $360 million worth of short trades. eToro market analyst Josh Gilbert also mentioned that the likelihood of Donald Trump winning the upcoming U.S. elections has increased, which could be a driving force for the crypto market.
Gilbert stated, “The recent attacks on former President Trump this week could lead to a resurgence in support for him.”
Bitcoin and Cryptocurrency Prices on the Rise
The possibility of a favorable outcome in the upcoming elections has positively influenced the film industry, and the former president’s pro-crypto stance has boosted Bitcoin and other cryptocurrency assets during this period. Gilbert predicted that as the likelihood of Trump winning increases, the price of BTC will also rise.
Gustavo Schwenkler, director of Cointree, noted that inflation turned out to be lower than expected and expectations of the Fed lowering interest rates have increased. The market is now expecting the first interest rate cuts to come as early as September. Despite the positive sentiment, Schwenkler pointed out that BTC will not be able to achieve the expected surge overnight.
