Bitcoin Traders Predict 'Brilliant' Long Market After BTC Price Crosses $65,000

According to analysts, Bitcoin price indicators show that the market is on an extremely bullish growth trajectory "after halving".

The Bitcoin price climbed to $65,000 on July 16th, after concerns over the German government's sale of Bitcoin cooled. Nonetheless, the market remains concerned that the bitcoin price could fall to $58,000 as Mt. Gox begins to move $6 billion worth of bitcoin from its cold wallet to other addresses.

Market analysts believe Bitcoin's "post-halving" growth trajectory continues, and data from FalconX research shows that the Coinbase Premium Index has turned positive, indicating spot buying activity on Coinbase Pro is increasing, which could signal further increases in the price of Bitcoin. rise further.

In addition, the market's optimistic expectations are supported by continued inflows into bitcoin investment products. According to Farside Investors, the U.S. spot bitcoin ETF has seen record inflows over the past week, totaling $16.11 billion.

Analysts believe that the price of bitcoin is expected to continue to rise as demand from institutional investors increases. Market strategist Juan Leon noted that in the six months since the launch of the Bitcoin ETF on Jan. 11, inflows have exceeded sovereign inflows in the second half of 2023 for any one country.