Some veteran Bitcoin traders are saying that Bitcoin will follow a big dump before the next rally.
The current trade price of Bitcoin is $29,169 & this trade price is 3.82% down over the last 30 days of trade price.
In the middle of June of this year, the Bitcoin trade price was on fire but after that, faced a step-by-step downfall because of the negative news about Bitcoin spot ETF applications.
At the time, people were expecting that the Bitcoin trade price will surge rapidly to several folds and that thing further created FOMO (fear of missing opportunity).
Over the 5-6 weeks, we are only hearing the news that there are fewer chances for the Bitcoin spot ETF applications approval, as the United States Securities Exchange Commission (SEC) chairman Gary Gensler gave negative hints from time to time.
Nowadays the majority of top Bitcoin traders claim that there are 50% chance that Bitcoin will face a correction & will hit $25k, before the next big Bitcoin rally.
Indeed Bitcoin analysts are giving suggestions to Bitcoin investors to wait for this opportunity to collect a better amount of Bitcoin at a discounted price.
Another analyst CoinsKid also shared a similar kind of prediction and claimed that it will happen within the next 8 months.
Few people are connecting this analysis with the US presidential election 2024, in which the majority of the candidates will be Bitcoin-friendly. Under a bitcoin-friendly presidency, the US will surely bring bitcoin-friendly laws & rules, and also that will allow the crypto companies to operate a crypto business in America with full confidence, which are currently struggling badly.
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