Has Bitcoin Bottomed?🤔

Multiple signals show the Bitcoin bottom maybe in as whales bought the dip and Goldman Sachs is entering the tokenization race.

Hey Thinkers 💡

It seems the Bitcoin bottom maybe in and we are at the start of a v-shape recovery. Here are the different factors that support this thesis:

The Bitcoin Chart

Analyst Titan of Crypto highlighted on the Bitcoin chart that BTC could be in a Wyckoff reaccumulation schematic 1 at the moment. A confirmation would be reintegration of the range.

The RSI on both the daily and weekly chart appears to be seeing a reversal.

In addition, the DXY continues to break downwards which is bullish for risk assets such as Bitcoin.

Bitcoin Whales have been Buying

"Bitcoin whales have been increasing their holdings at a monthly growth rate of 6.3%, the fastest pace since April 2023, indicating rising demand for bitcoin," CryptoQuant said.

Bloomberg reported yesterday that $438 million was poured into the Bitcoin ETFs in just 2 days.

Wallet balances of 10 or more Bitcoin have been increasing.

The BTC supply on exchanges continues to dip signaling less sellers.

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📰 Latest Crypto News:

• Goldman Sachs to launch three tokenization projects by end of year, says digital assets global head Mathew McDermott told Fortune. Unlike many of its competitors, McDermott has said Goldman is primarily focused on using permissioned networks — rather than fully decentralized blockchains like Ethereum due to regulatory concerns. The firm first began working with permissioned blockchain networks in 2021. - Fortune

• In a digital asset hearing today CFTC chairman Rostin Behnam said “70-80% of the crypto market are non-securities.” This is direct contrast to SEC Chair Gary Gensler’s narrative that the majority of these crypto assets are securities.

• A new poll of Republican crypto voters finds that 13% not currently planning on voting for Donald Trump say his newly-stated crypto positions make them more likely to vote for him. - source

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