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COINTURK NEWS > Altcoin News > Analysts Predict Bitcoin’s Bottom Price Range
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Analysts Predict Bitcoin’s Bottom Price Range

In Brief

  • Analysts predict Bitcoin's bottom price range to be $52,000 to $54,000.

  • Spot Ethereum ETFs could trigger a significant rise in altcoins.

  • Bitcoin's market dominance has dropped to 54.80%, sparking altcoin season speculations.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Bitcoin‘s (BTC) price continues to move in a downtrend, with analysts predicting the ultimate bottom level for the largest cryptocurrency to be between $52,000 and $54,000. Moreover, Bitcoin’s market dominance has fallen below 55%, which could indicate the beginning of a potential altcoin season.

Contents
Spot Ethereum ETF Approval Could Trigger Altcoin MovementSignificant Drop in Bitcoin’s Market Dominance

Spot Ethereum ETF Approval Could Trigger Altcoin Movement

Despite recent market fluctuations, cryptocurrency analysts believe Bitcoin’s downtrend may have ended in the $52,000 to $54,000 range. These predictions are significant as they come during a period of uncertainty for investors regarding the short-term future. Analysts foresee a substantial rise in altcoins with the upcoming launch of spot Ethereum ETFs.

Predictions suggest that the launch of Spot Ethereum ETFs will attract institutional investments to the cryptocurrency market, creating a significant impact. This move could support not only ETH but also other altcoins. With the increase in institutional investments, notable and substantial rises in altcoin prices could be observed.

However, looking at the performance of the top 50 altcoins excluding stablecoins, only seven have shown gains recently, and about 13 have outperformed Bitcoin. Five altcoins have experienced significant losses, highlighting the volatile nature of the market.

Significant Drop in Bitcoin’s Market Dominance

Since the beginning of the year, Bitcoin’s market dominance had been on an upward trend, but this trend reversed with the market activity at the end of June and the beginning of July. The recent price drop has left many BTC without buyers, leading to a significant accumulation in over-the-counter (OTC) reserves. OTC transactions are crucial for gauging institutional interest, and the decline in these transactions indicates a reduced interest from institutional investors in buying Bitcoin.

Currently, Bitcoin’s dominance is at 54.80%, having dropped more than 2% in just 24 hours. This decline has sparked speculation among observers about the potential start of an altcoin season. At the time of writing, Bitcoin is trading around $56,600.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 6 July, 2024 - 5:06 pm 6 July, 2024 - 5:06 pm
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