Bitcoin and Crypto Closing Out Lame Quarter and One Analyst Believes More Pain Could Be in Store
Summary
Bitcoin started 2024 strong, with predictions of reaching $100,000, but faced selling pressure in April and June. The price struggled to stay above $60,000 as the quarter ended. Ether outperformed but still dropped 5%, while altcoins saw larger declines. Bitcoin's disappointing second quarter may be a correction within a larger bull move. Anticipation of a spot bitcoin ETF approval and macro factors drove the rise. With ETF inflows slowing and hopes for lower interest rates diminishing, buyers are waiting for a new catalyst. Bitcoin entered a downtrend in June, with potential reasons for a decline to $55,000. Seasonally, the third quarter historically has been the weakest for bitcoin.
