🟡Analysts from Cathie Wood’s firm believe that Bitcoin has entered oversold territory following the disruptions in June. This could be a precursor to a strong bullish reversal.
🟡One of the reasons for the Bitcoin price drop was the sale of 50,000 Bitcoin by the German government. These coins were confiscated in 2020 from the pirate streaming service Movie2k. The massive sell-off sent Bitcoin’s price into freefall — from the lofty $70,000 in early June to a more modest $53,000 in July.
🟡ARK Invest sees signs of an impending trend reversal in the current situation. The current levels of outflows from miners suggest that they are capitulating, which is a precursor to a bullish turn. Additionally, investors are not rushing to exit Bitcoin-linked exchange-traded funds (ETFs).