Bitcoin Surpasses $65,000 Mark: Analyst Reveals Critical Date for Final Bottom Before Major Bull Run
As risk appetite in global markets revives with easing tensions between the US and Iran, the Bitcoin (BTC) price has surpassed the $65,000 mark, bringing a smile to investors’ faces.
The geopolitical de-escalation in the Middle East has triggered a shift toward risky assets in the financial world. The suspension of military strikes by the US and Iran for a second consecutive day has increased hopes for a diplomatic solution while causing a sharp 5% drop in oil prices. This optimistic sentiment allowed the leading cryptocurrency, Bitcoin, to gain 1.2% in the last 24 hours, climbing to the $65,250 level.
The rally in the cryptocurrency market was not limited to Bitcoin. Ethereum (ETH) approached the $1,950 mark with an increase of over 3%, while other top 10 assets such as Solana (SOL) and XRP (XRP) also recorded gains between 1% and 2%. This positive market sentiment also reflected on the Nasdaq and S&P 500 indices as half-point increases. In the foreign exchange markets, the Australian dollar and the euro gained strength against the US dollar.
Drop in Oil Prices and Fed Expectations
Although the decline in energy costs has somewhat alleviated inflation concerns, investors remain cautious. The drop in Brent oil to $92.19 and WTI oil to $85 provided relief to the market. However, the Fed meeting scheduled for July 28-29 is seen as the largest short-term risk factor. Market players are pricing in a 36.3% probability of a 25-basis-point interest rate hike at this meeting.
Bitcoin Approaching Cyclical Bottom Level
By examining Bitcoin’s four-year cycles, experts state that the price is in the phase of forming a bottom before the next major bull run. Joao Wedson, CEO of analysis firm Alphractal, emphasizes that there is typically a 900-day period between Bitcoin halvings and bear market bottoms.
Stating that the current cycle is on its 827th day, Wedson points out that, based on historical data, the final bottom could form within the next two months. Bitcoin’s market dominance at 58.6% suggests that a broad-based altcoin rally has not yet begun, but the market is gaining strength.