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Will Bitcoin Price Quit the Bearish Sentiment Soon? Here Are 4 Reasons Suggesting How and Why!

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Many people aren’t considering a bullish scenario, but indications are emerging that Bitcoin Price is on the verge of reversing its trend. Here are some indicators that BTC is due for a resurgence.

S2F Model :

Similarly, given its current stage in the cycle, the stock to flow (S2F) model suggests that BTC is due for an upward rebound at the $30,000 level. The S2F model treats Bitcoin as a commodity (due to its fixed supply and restricted issuance, similar to gold), and thus considers circulating supply and processing speed in determining scarcity and thus price.

THE S2F MODEL and 4 year Period HAVE Proved to be reliable in bitcoins short history. The continuation of this crash into the next few weeks (effectively the end of the bull cycle) will invalidate the S2F model and 4-year cycle model, which have been sound so far, according to PlanB, the model’s founder. Many analysts indicate that it’s not yet time for things to turn around for the worse. S2F presently plots the lower band at $30K, which is this week’s existing low.

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Stablecoins :

The number of stablecoins on exchanges has reached an all-time high – according to Lex Moskovski, there are “a lot of bullets waiting to be deployed from the sidelines.” Of course, this may simply be a result of a large number of new entrants into the cryptocurrency ecosystem, but it most certainly indicates that major players are preparing to make large purchases.

Furthermore, John Bollinger, the inventor of the Bollinger Bands indicator, claims BTC is approaching a local double bottom. All of these metrics add up to paint a more accurate picture of Bitcoin’s immediate short-term prospects than the market suggests.

Altcoin Frenzy :

Bitcoin supremacy has reached a local low of 40% and has been slowly trending upwards, indicating that altcoins have more to think about (currently sitting at 47 percent ). It will most likely recover even further as the market sheds the excess weight that vaporware coins added during the speculative altcoin mania bubble.

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Thousands of new coins (mostly in the form of BEP-20 and ERC-20 tokens) have been produced in the hopes of following in the footsteps of older meme coins like Dogecoin’s popularity. Although many of these coins had market capitalizations in the millions, it was clear that anything of this magnitude could never be sustained, particularly given their fundamental utility.

Crypto Fear and Greed Index:

The crypto fear and greed index has reached levels not seen since April 2020, which was around the time of the last crypto market crash, which sent BTC below $4,000 and saw it lose over 50% in two days at the height of the pandemic “Black Thursday.”

In retrospect, it was an excellent time to invest, but it wasn’t always clear at the time. Bitcoin has dropped over 50% in the last few days, from a peak of $65,000 to a low of $30,000 on Wednesday – is the index back on track, and is this slump a blessing in disguise for those holding stablecoins on the sidelines?

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Altcoin

Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000

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As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.

In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.

“As an investment, I think Ethereum has the most upside.”

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Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.

“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”

Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.

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Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.

Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.

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ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval

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The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.

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Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.

Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”

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Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.

BTC hit its all-time high of $64,804.72 in mid-April.

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Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer

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Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.

Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.

Cramer also stated that he may cash out half of his Ethereum stash.

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SEC approval for ETF may push Bitcoin up, Cramer says

Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.

He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.

However, he stated that people are running ahead of a possible ETF approval.

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Bitcoin spikes to $59,500 as chance for ETF approval emerges

Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.

The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.

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The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.

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