Bitcoin market enters a new phase — VanEck
Over the course of several weeks, companies acquired around 42,000 BTC, while retail investors and exchange-traded funds (ETFs) reduced their positions in the market. At the same time, miners began to capitulate — historically, such periods have often coincided with the formation of a local bottom.
The network hashrate declined by 4% over the month, marking the sharpest contraction since April 2024. In 65% of cases following similar dynamics, Bitcoin rose over the next three days, experts noted.
The market has also been cleansed of excessive leverage, and speculative pressure has eased. Long-term holders of the leading cryptocurrency have virtually stopped selling the asset and are now accumulating capital.
According to analysts, a new bullish structure is forming beneath the current correction, which is expected to trigger a Bitcoin rally as early as next year. The price of the leading cryptocurrency could break above the $100,000 level and hold there, provided strong fundamental drivers are in place, VanEck concluded.
Earlier, experts from the CryptoQuant platform stated that over the next few months Bitcoin’s price could fall to $70,000, and if the downward trend does not reverse, the asset’s quotations could plunge to $56,000.
See also: "Crypto Analyst: XRP Price Could Rise 200% to $5.85"
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