Should We Panic and Buy Bitcoin?

Institutional Crypto Research Written by Experts

Author

Markus Thielen
July 14, 2024

👇1-12) Concerns persist due to the overhanging supply and lack of solid market fundamentals, presenting potential risks for medium-term traders.

👇2-12) Last week, Bitcoin appeared poised to rebound from oversold levels ahead of the CPI release, which was expected to be lower. However, since this was broadly anticipated and Bitcoin had already rallied, prices couldn't hold. This trend in lower inflation may persist into October when year-on-year comparisons become more challenging.

👇3-12) Bitcoin has weathered the $3 billion Bitcoin sell-off by the German State of Saxony, though it experienced nearly a 20% correction at its lowest point during these sales. However, a larger sale is anticipated in the coming weeks and months, which could further impact the market, as we explain below.

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