Bitcoin Price Regains Momentum, Up 0.8% in 24 Hours

Bitcoin's price has been experiencing volatility, with a renowned market expert predicting a potential crash below $40,000. This forecast is based on historical trends and technical indicators, which have accurately predicted previous Bitcoin crashes. The expert cited the Tom Demark (TD) Sequential pattern, which has flashed a quarterly sell signal for Bitcoin. In the past, this signal preceded significant drawdowns in Bitcoin's price, with losses exceeding 75% in 2015 and over 85% in 2018. The expert warned that if Bitcoin follows its previous cycles, it could drop below $40,000.

Despite the warning, other experts remain optimistic about Bitcoin's long-term trajectory. Michael van de Poppe, for instance, deemed the recent small correction in Bitcoin's price as a healthy pullback and predicted a likely new all-time high (ATH) for the crypto. However, investors should exercise caution amid the waning risk-bet appetite of institutions. The US Spot Bitcoin ETF recorded an outflow of $342.2 million on July 1, ending its 15-day inflow streak. This outflow, along with the expert's warning, appears to have weighed on investors' sentiment. Nevertheless, the recent recovery indicates that retail traders are once again shifting their focus towards the flagship crypto.

Bitcoin's price has been consolidating between $100,000 and $108,000 in recent weeks, after touching a new ATH on May 22. This has sparked discussions among traders about whether Bitcoin is losing its appeal. While many anticipate the ongoing consolidation as a healthy trading scenario before a breakout, others are speculating on the potential reasons behind it. The crypto market has been highly volatile over the past few weeks, forcing many investors to stay on the sidelines.

Bitcoin's price today has regained momentum, trading at $107,716, up 0.8% over the last 24 hours. The 24-hour high and low of Bitcoin's price were recorded at $107,689 and $105,157, respectively. Notably, the crypto has added around 1.2% in the weekly chart, with its value soaring more than 2% over the last 30 days. Besides, the crypto’s RSI also stayed at 55, indicating a neutral condition of the asset. In other words, it indicates that the crypto is neither in a bearish phase nor a bullish phase for now.

Despite the potential risks, Bitcoin's price has shown resilience, with a recent recovery indicating that retail traders are once again shifting their focus towards the flagship crypto. However, investors should remain cautious and monitor the market closely for any signs of a potential crash. The expert's warning, along with the outflow from the US Spot Bitcoin ETF, serves as a reminder of the volatility and risks associated with investing in Bitcoin.