Bitcoin (BTC) is trading at $64,380 as of writing, and altcoins have remained stable after the recent drop. Volume dropped by 50% today. The volume falling below $50 billion explains today’s shallow volatility. So, what does the popular crypto analyst Thomas say about the crypto bull market in light of the latest data? Should investors remain hopeful?
Uptrend in Crypto
Since November 2022, the cryptocurrency markets have significantly increased. BTC broke its all-time record and continues to stay in an uptrend. This is similar to how investors expect a turnaround for a rise after BTC makes new deeper lows in bear markets. However, since the trend is down in bear markets, new lows continue to be seen despite interim rises. For today, we should think the opposite according to historical data. Despite interim drops, the direction will be upward.
Although it is frustrating not to see the strong performance of the first quarter and many altcoins have retreated to levels seen when BTC was priced at $40,000, it does not mean everything is over.
When is the Crypto Bull Market?
Data from Farside Investors shows that Bitcoin ETFs experienced consistent outflows from June 13-21. On June 21, FBTC saw the largest outflow with $44 million. BlackRock, however, remained relatively strong. Thomas, co-founder of ApolloSats, also highlighted this by writing:
“Blackrock continues to HODL. Zero outflows today. While all other major ETFs turned into a bloodbath, +23 Bitcoin this week. Larry, you did it again.”
BlackRock increased its total holdings to 295,457 BTC by adding approximately 3,894 BTC worth about $276.19 million on June 5. In a separate analysis, Thomas drew parallels with previous Bitcoin halving cycles. According to him, the current decline reflects past patterns, and the analyst believes a bull market will assert itself more strongly in the coming days.
Moreover, we mentioned that different analysts do not yet claim we are at the bull peak according to various criteria. RSI is recovering weakly after dropping to extremely low levels, and BTC should start a reversal in the coming days.
