Bitcoin, the predominant cryptocurrency, concluded the previous week with a spinning top candlestick near the $60,000 mark, encountering repeated rejections. Nevertheless, despite these obstacles, Bitcoin has maintained a steady position around the $58,000 level, suggesting the potential for a prolonged bullish trend.

Since the beginning of March, Bitcoin’s price has exhibited indications of a potential bullish flag, implying a favorable perspective. Despite the accumulation of Bitcoin by institutional investors subsequent to the endorsement of spot BTC ETFs, traders have exhibited caution towards additional market capitulation. Bitcoin’s fear and greed index has indicated extreme fear, consistently remaining below 30 percent in recent times.

According to Jason Pizzino, a macro trader and cryptocurrency investor, Bitcoin’s price is poised for a bullish breakout akin to the trends observed in Gold and traditional stock indexes. While Gold achieved a record high against the US dollar last week, Bitcoin’s price continues to be situated within a bearish consolidation pattern. Pizzino proposes that a close below $56,000 in August could generate further bearish pressure in September. Conversely, a consistent close above $60,000 in the subsequent two weeks could propel Bitcoin towards its all-time high in the approaching months.

Despite the surge in demand from institutional investors, Bitcoin has confronted significant bearish pressure in recent months. The State of Wisconsin Investment Board incorporated 447,651 shares of BlackRock’s spot Bitcoin ETF into its portfolio, escalating its total holdings to 2,898,051 shares valued at $98.9 million. Additionally, Goldman Sachs divulged holdings exceeding $400 million in spot Bitcoin ETFs, signaling escalating institutional interest.

The escalating demand for Bitcoin points to a probable bullish breakout in the fourth quarter of 2024, steered by the impending U.S. elections and potential interest rate cuts in the United States. With these variables in motion, Bitcoin may be preparing for a favorable trend in the approaching months.

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