Bitcoin (BTC) dropped below $69,000 on the 8th, but has shown slight upward oscillations over the past 48 hours, now nearing $70,000. DWF partners predict a potential bull market in the coming months if Bitcoin maintains market confidence in the near term.
(Previous context:
10 companies with the most Bitcoin, maybe you’ll like their stocks
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(Background context:
Massacre” of non-farm “far exceeds expectations” Bitcoin needle 68300, Ethereum falls below $3600, is it a good opportunity to buy low?
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Bitcoin plummeted sharply from above $71,000 in the early hours of the 8th, dropping below $69,000, as market sentiment turned negative due to the U.S. Labor Department’s release of May non-farm payroll data, showing a significant increase of 272,000 jobs, far exceeding the expected 190,000. Experts predict that this could hinder the pace of U.S. interest rate cuts.
After two days, Bitcoin stabilized and rebounded from the $69,000 level, now trading at $69,600.
Source: Binance Spot Market
Regarding Ethereum (ETH), on the 8th, it briefly fell below $3,600. Over the next 48 hours, it has been oscillating with minor gains, currently trading at $3,682.
Source: Binance Spot Market
While Bitcoin saw consolidation on the 8th, it remained above the average compared to the 7th, indicating sustained market confidence. Ethereum, on the other hand, maintained levels similar to the 7th prior to the listing of ETFs in the spot market, with the impact of ETF inflows yet to fully materialize.
DWF Partner: Bull Market Expected in Coming Months
Andrei Grachev, a prominent partner at market maker DWF Labs, expressed a strong outlook for the future market. He tweeted that since March 2024, Google searches for altcoins have been consistently declining.
Further Reading:
Can Google Search Trends Predict Bitcoin Trends? Analyzing Bull and Bear Markets Over the Years
Grachev noted that Bitcoin’s stable price indicates unwavering market confidence, but recent market conditions suggest it’s unlikely Bitcoin will surge 50 times. Conversely, altcoins might.
Under Grachev’s tweet, some crypto investors found his estimation logic overly simplistic, yet there are those who are optimistic about DWF’s insights into altcoin trends.
DWF Labs recently announced plans in early June to increase holdings of the FLOKI token by $12 million to strengthen support for the Floki ecosystem.
