Could Bitcoin see another rally despite waning sentiment?
CryptoQuant has noted that massive buying pressure stemming from Bitcoin ETFs managed to push the price of the leading cryptocurrency to its current record high of more than $73,000 which was recorded in March. On Thursday, Bitcoin ETFs recorded a total of $52 million worth of outflows. Notably, this coincided with a substantial price drop. Bitcoin is currently approaching the $62,000 level, according to CoinGecko data.
Despite the favorable narrative, the cryptocurrency is struggling to regain momentum during its most bullish month. Following the initial hype, the number of"Uptober" mentions declined substantially, with many traders being caught off guard by negative returns. Now that this speculative fervor has died down, some analysts believe that Bitcoin might actually experience a short-term bounce since a bullish October no longer appears to be the consensus trade.
PolyMarket bettors see only a tiny chance of the Bitcoin price reaching six-digit territory this year. However, there is still a decent 44% chance of the largest cryptocurrency hitting a new all-time high in 2024. This has become the holy grail of Bitcoin bulls. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.
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