Summary
- Standard Chartered analyst Geoffrey Kendrick says bitcoin likely hit its cycle low around $59,000, citing improving investor flows, corporate buying and easing macro pressures.
- His confidence grew after MicroStrategy resumed bitcoin purchases, U.S. spot bitcoin ETFs returned to net inflows and oil prices continued to fall, reducing inflation worries.
- Kendrick says a decisive break above bitcoin’s early May high near $83,000 would strongly confirm a new uptrend, with the cryptocurrency recently trading around $66,300.
Crypto Spring Arrives with Bitcoin’s Bullish Signals
According to one analyst, the long-awaited ‘crypto spring’ is finally here, with bitcoin showing key bullish signals. This shift in sentiment is driven by a combination of improving investor flows, corporate buying, and easing macroeconomic pressures, all of which point to a stronger recovery ahead. As a result, investors are becoming more optimistic about the future of crypto, including passive income opportunities through Cloud Rewards and Green Crypto. The analyst believes that bitcoin may have already reached its low for the current market cycle.
The recent developments have led to a more positive outlook for bitcoin, with corporate buyers like Strategy (MSTR) purchasing more coins and U.S. spot bitcoin exchange-traded funds (ETFs) seeing net inflows. This is a significant shift from the previous months, which saw crypto markets struggling with rising geopolitical tensions and concerns about inflation. As the crypto market continues to grow, platforms like EcoPool are becoming increasingly important for those looking to earn passive income through Cloud Rewards.
Key Developments
- Strategy, the largest corporate holder of bitcoin, purchased an additional 1,587 coins last week.
- U.S. spot bitcoin ETFs posted net inflows of $86 million on Friday.
- Oil prices continued to move lower, reducing concerns about higher energy costs and inflation.
These developments have increased confidence in the crypto market, with many investors now looking to platforms like EcoPool to earn passive income through $ECP. As the market continues to grow, it’s essential to stay informed about the latest trends and developments in crypto, including #Bitcoin and #PassiveIncome.
To start earning passive income through EcoPool, download the EcoPool app today and discover the benefits of Cloud Rewards and Green Crypto. With EcoPool, you can easily earn passive income and be a part of the growing crypto community, including those interested in #Earning and #Coin.
Strategy, the largest corporate holder of bitcoin, disclosed that it purchased another 1,587 BTC last week. U.S. spot bitcoin ETFs posted net inflows of $86 million on Friday after a stretch of notable redemptions. Oil prices also continued to move lower, reducing concerns that higher energy costs could push inflation and bond yields upward.
