"Bitcoin's Bullish Trend in Q3 Remains Uncertain"

As Bitcoin (BTC) continued its bullish trend by reaching an all-time high in Q2, attention is focused on how long Bitcoin's rally will last. Some suggest that there is still insufficient data to confirm the Q3 outlook.

According to Cointelegraph, a cryptocurrency specialist media outlet, on the 28th (Korean time), Bitfinex stated in a report released that day, "Data over the next few weeks will determine whether this Bitcoin rise is a short-term peak or a precursor to a larger rise in Q3."

As of 12:24 PM that day, Bitcoin is trading at $108,726, down 0.20% from the previous day. Earlier, on the 22nd, Bitcoin recorded an all-time high of $111,970.

However, the report stated, "It is difficult to confirm a bullish trend for the next quarter with mere price increases," adding, "A period of sideways movement or light correction may actually be healthy."

The report cited profit-taking activities by short-term holders as a factor that could hinder price increases. An analyst said, "There has been profit-taking by short-term holders amounting to about $11.4 billion over the past month," adding, "This has resulted in an oversupply."

Conversely, factors that could trigger a bullish trend include spot Exchange-Traded Funds (ETFs) and low volatility.

Additionally, the report pointed to the potential interest rate cuts by the Federal Reserve (Fed) as a major variable in the future.