Bitcoin’s price and market sentiments have been volatile for the better part of July. The shift in market sentiment came amid the German Government offloading 50,000 BTC. During the sell-offs, the Bitcoin Fear and Greed Index dropped to 25, signaling extreme fear among investors.
After 10 years, Mt. Gox, the defunct Japanese crypto exchange, has begun making Bitcoin payments to its clients. Unlike the German dumping period, crypto investors have more faith in the leading crypto coin.
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At this time, BTC’s price is $64,817.18, down 0.1% from an hour ago and 0.8% from yesterday. However, BTC’s value today is 11.8% higher than it was seven days ago. As of today, BTC’s market cap is $1.28 trillion, reflecting a 51.31% market dominance.
Bitcoin struggles to spike to its ATH
Ever since Bitcoin hit its peak of $73,679 on March 13, it has come close to surpassing the $71,000 threshold multiple times, but it has not yet managed to reclaim its historic price.
On the other hand, the total crypto market cap stands at $2.49 trillion today, down 1.15% in the last 24 hours and 101.09% from a year ago. Meanwhile, stablecoins’ market cap is $164 billion, accounting for 6.57% of the total crypto market cap.
According to on-chain data from Alternative.me, the crypto fear and greed index stands at 61, a greed sentiment. However, the sentiment is 8 spikes down from yesterday.
According to an X post on July 17th by the founder of MN Capital, Michael van de Poppe says that BTC’s “next leg is likely to bring Bitcoin to $110K.”
Bitcoin has the potential to reach $110,000 in its upcoming significant surge despite the emergence of a worrisome pattern of “lower highs and lower lows” on the BTC price chart.
Van de Poppe appears less worried, attributing the fluctuating price of Bitcoin to the challenges encountered by Bitcoin miners as a result of increased operational expenses and diminished mining rewards after the halving in April.
He adds, “The True Hashrate Drawdown at its last low on July 1st was as HEAVY as during the FTX collapse. This marks a cycle low. Since the Mt. Gox news, the price has rallied 20%.”
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Furthermore, there has been a decline in the number of Bitcoin wallet addresses that hold BTC over the past month. However, as per Santiment’s analysis, this could be good news for investors.
Santiment indicated that traders might be thinking that the March all-time high “was the peak for 2024.” However, it added, there was a silver lining, as there is typically a recovery after the selloff. Santiment adds, “When we see mass liquidations like this, the probability of a continued rebound only increases.”
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