Cryptocurrency investment platform Matrixport announced on social platform X yesterday evening that although the funding rate of Bitcoin is continuously decreasing, indicating a pessimistic market sentiment, the current market position is still at a relatively high level, so Bitcoin is expected to reach a new all-time high after a brief decline.
Bitcoin has been declining continuously in the cryptocurrency market since early June, with BTC dropping from its high point of $72,000 on the 7th. This morning, BTC hit a low of $64,051, but later rebounded, currently trading at $65,162, with a decrease of 0.64% in the past 24 hours.
Facing the market’s sideways movement, Matrixport pointed out in a graphic post on social platform X yesterday that despite the current market sentiment being pessimistic, the current market position is still at a relatively high level, indicating that Bitcoin is likely to reach a new all-time high after a brief decline.
According to a report by The Block, Bitfinex analysts believe that the current decline in Bitcoin may be due to long-term holders selling off, and the market is entering a consolidation phase.
Despite the current downturn in the cryptocurrency market, there are potential positive factors that may stimulate a quick market rebound:
1. Bloomberg analysts predict the listing of Ethereum spot ETF on July 2nd.
2. Experts suggest that the Fed may adjust its interest rate cut expectations to twice in September.
3. Cryptocurrency has become an important battleground in the upcoming U.S. presidential election in November.
Overall, despite the challenges, the cryptocurrency market is expected to see positive developments in the near future.