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Bitcoin Unlikely to Dip Below $65K Despite Mt. Gox Sell-off

Bitcoin's recent dip below $65,000 is attributed to seasonal trends and market sentiment, not Mt. Gox Bitcoin sales.

• Main Points:

  • Market sentiment: Decline likely due to changing sentiment.

  • Seasonal trends: Historical patterns suggest weak performance this time of year.

  • Spot Ether ETF launch: Affected overall market sentiment.

  • Political factors: Speculations about political events impacting prices.

• Detailed Insights:

  • Market sentiment: Analysts believe the recent drop in Bitcoin’s price is mainly due to market sentiment rather than Mt. Gox sell-offs. CryptoQuant founder Ki Young Ju emphasized this point, noting that the expected sell-off did not happen.

  • Seasonal trends: Timothy Peterson from Cane Island Alternative Advisors highlighted that Bitcoin tends to underperform between July 22 and September 22, setting up for a potential rebound in October, often referred to as “Uptober.”

  • Spot Ether ETF launch: The introduction of spot Ether ETFs has negatively impacted the market, according to Capriole Investments founder Charles Edwards. He suggested that the ETF launch muddied market waters, affecting both Bitcoin and Ether prices.

  • Political factors: The decline may also be linked to political events, such as the failed assassination attempt on former US President Donald Trump, which initially spiked Bitcoin prices. Pseudonymous trader Roman suggested the current dip is a correction from this news-driven pump.

  • Current trading status: Bitcoin is currently trading at $64,247, down 2.5% over 24 hours, as per CoinMarketCap data. Despite the dip, Bitcoin has seen a 5.41% increase over the past 30 days.

Related: Bitcoin 'Massive Rally' Predicted as Buy Signal Hits First Time in a Year

Overall, the sentiment remains relatively bullish, with the Crypto Fear & Greed Index indicating a “Greed” score of 68, up seven points in the past week.

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Bitcoin Whales Launch Unprecedented $23B July Buying Spree

Bitcoin whales are significantly increasing their holdings, adding 358,000 BTC in July, demonstrating strong confidence in current price levels.

• Main Points:

  • Unprecedented accumulation: Bitcoin whales are rapidly accumulating.

  • Significant transfer: 358,000 BTC added in July.

  • Institutional inflows: Spot Bitcoin ETFs see substantial investments.

  • Long-term optimism: Analysts remain positive about future trends.

• Detailed Insights:

  • Unprecedented accumulation: Bitcoin whales are actively increasing their holdings, as highlighted by CryptoQuant CEO Ki Young Ju. He described the flow of coins to large-volume investors as unprecedented.

  • Significant transfer: In July, Bitcoin's permanent holders added 358,000 BTC, valued at around $23 billion. This is the largest monthly accumulation seen, surpassing the period when Bitcoin reached its all-time high of $73,800.

  • Institutional inflows: Spot Bitcoin ETFs have played a significant role, with global inflows reaching 53,000 BTC in July. The largest U.S. ETF saw over $500 million in inflows in a single day.

  • Long-term optimism: Despite potential short-term price corrections, the long-term outlook remains positive. Whales are accumulating, and the trend is expected to continue.

  • Market sentiment: While smaller holders (with 1 BTC or less) are selling, large investors are steadily increasing their positions, reflecting strong confidence in Bitcoin's future performance.

Related: Kiyosaki Predicts $105K Bitcoin and $3.3K Gold if Trump Wins

Overall, the accumulation by Bitcoin whales suggests a firm belief in the cryptocurrency's value, supported by significant institutional investments through ETFs.

ETH's $3.2K Pullback Seen as 'Buy' Amid ETF Momentum

Ether's drop to $3,209 is seen as a buying opportunity, with analysts predicting significant price action from ETF inflows.

• Main Points:

  • Current buy zone: Traders recommend buying at $3,300 and below.

  • Growth potential: Predictions of Ether reaching $4,000 soon.

  • ETF impact: Expected to drive significant price increases.

  • Short-term volatility: Anticipated before a major price surge.

• Detailed Insights:

  • Current buy zone: Pseudonymous trader Sheldon The Sniper highlighted $3,300 and below as key buying levels for Ether, noting that the $3,097 buy zone has already passed. He anticipates Ether could reach $4,000 within a couple of weeks.

  • Growth potential: Ether dropped 7.68% to $3,209 over the past 24 hours. Sheldon predicts this dip offers an entry point for significant gains, potentially leading to new all-time highs.

  • ETF impact: Analysts believe the launch of spot Ether ETFs will trigger a substantial price increase, similar to Bitcoin's surge post-ETF launch. Michael van de Poppe anticipates Ether's price could double, potentially reaching $7,000-7,500.

  • Short-term volatility: Van de Poppe expects short-term downward momentum before a major rally toward a new all-time high. He suggests a brief period of volatility is likely as the market adjusts to the ETF impact.

  • Market sentiment: Swyftx lead market analyst Pav Hundal predicts Ether will aim for its November 2021 all-time high of $4,890 soon, reflecting overall bullish sentiment.

Related: ETH Traders Brace for Surprises Post-ETF Launch

Ether's price action remains closely watched, with the recent dip seen as a strategic buying opportunity. Analysts are optimistic about significant gains driven by ETF inflows and market dynamics.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results