Bitcoin bulls expressed strong bullish sentiment as Bitcoin price tumbled below $98.5K, resulting in a slight rebound. Traders have turned more cautious since the US launched strikes on three Iranian nuclear facilities over the weekend, joining Israel’s ongoing conflict with Iran. All eyes are now on oil prices, technical charts, and macro outlook.
Arthur Hayes and Mike Novogratz on Bitcoin Price Recovery
BitMEX co-founder Arthur Hayes remained bullish as Bitcoin price rebounded above $100K after dipping to a low of $98.2K. He said, “Do you hear that? … it’s the sound of the money printers revving up to do their patriotic duty.”
He predicted that the current weakness in the crypto market should pass, leaving no doubt about Bitcoin’s consideration as a safe haven.
Galaxy Digital CEO Mike Novogratz also shared a bullish scenario for Trump and risk assets, including Bitcoin. He thinks Iran doesn’t seem to have a strong counterattack, and the concerns over the geopolitical tensions would fade.
Novogratz suggested that the next 72 hours are really important for Bitcoin and global markets. He predicted markets will recover much higher by the end of the week if there is no major counterattack by Iran.
ETF Experts Say Global Markets Stay Bullish
Bloomberg senior ETF analyst Eric Balchunas and ETF Store president Nate Geraci also took to X to share their optimism in the markets.
Nate Geraci emphasized that the spot Bitcoin ETF has yielded higher returns this year compared to gold, the S&P 500, and US treasury yields. Also, spot Ethereum ETFs have recorded inflows for 25 of the past 30 trading days.
In response to sell-offs in the markets, Eric Balchunas said, “The problem for those wishcasting for ‘sell America’ any time they get an excuse is they underrate the commitment ppl have to U.S. equities AND the lack of anything else making strong enough case for their money (aka American exceptionalism).”
On-Chain Data and BTC Price Action Support Recovery
CryptoQuant reported that long-term holders are still holding their BTC. This makes the current consolidation potentially a precursor to the next big move. Historically, Bitcoin’s explosive rallies have occurred when market attention faded and sentiment was quiet.
Bitcoin price has jumped 2% from the intraday low, with the price currently trading at $101,225. The 24-hour low and high are $98,286 and $102,991, respectively. Furthermore, the trading volume has increased by nearly 40% over the last 24 hours, indicating a rise in interest among traders.
Also Read: Will Bitcoin Price Close Below 50-DMA as BOJ Pushes for Rate Hike?
