"Bitcoin, Still Has Plenty of Bullish Factors"

Uk Jin

Summary

"Experts predict Bitcoin will not trade below $70,000, citing global competition and strategic accumulation as positive factors."
"Recent dollar value decline and increased treasury bond volatility have affected the Bitcoin market, but there are still plenty of bullish factors."
"They warned that if Bitcoin falls to $65,000, the basic fundamentals could change."

Amid Bitcoin (BTC), the leading cryptocurrency, falling to the low $80,000 range, market concerns continue. However, experts maintain that there are still many bullish factors.

On the 10th, Jamie Coutts, an analyst at Real Vision, claimed via X (Twitter), "Bitcoin is currently in a game of chicken with central banks. While the recent decline in the dollar value was expected to provide an optimistic outlook for Bitcoin, increased volatility in treasury bonds and widening corporate bond spreads have negatively impacted the market."

Analyst Coutts stated, "U.S. Treasury bonds are an indicator symbolizing liquidity in market finance, and increased volatility could lead to the liquidation of large positions. Additionally, over the past three weeks, spreads on U.S. corporate bonds have begun to continuously widen, which is another factor that could negatively impact risk assets."

Nevertheless, Coutts expressed a positive outlook for Bitcoin. He said, "I expect Bitcoin will not trade below $70,000. There are still many positive factors including ▲global competition to accumulate Bitcoin, ▲Strategy's Bitcoin accumulation, and ▲Exchange-Traded Funds (ETFs)." However, he cautioned, "If Bitcoin falls to $65,000, these fundamentals will have changed."

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