After Bitcoin (BTC) fell below $69,000 on the 8th, it experienced a slight increase in volatility within 48 hours and is now close to $70,000. DWF partners estimate that if Bitcoin does not lose market confidence in the near future, it will usher in a bull market in a few months.
Bitcoin plunged below $69,000 in the early hours of the 8th, dropping from above $71,000, with the market reacting negatively mainly due to the U.S. Labor Department’s announcement of a significant increase in May non-farm payrolls, exceeding expectations with a 272,000 increase compared to the expected 190,000. Experts predict that the pace of US interest rate cuts will be hindered again.
After two days, Bitcoin stopped falling and stabilized around $69,000, currently trading at $69,600.
Source: Binance Spot Market
On the Ethereum (ETH) side, it fell below $3,600 on the 8th, and has shown a slight rebound in the following 48 hours, now trading at $3,682.
Source: Binance Spot Market
Although Bitcoin underwent a consolidation on the 8th, it remains above the average line compared to the market trend on the 7th, indicating a relatively high market confidence. Ethereum, on the other hand, maintains the average level on the 7th before the ETF spot ETF is listed, and the rise caused by ETF inflows has not yet fully materialized.
DWF partner Andrei Grachev predicts a bull market in the coming months
Well-known market maker DWF Labs partner Andrei Grachev has strong opinions on the future market. He tweeted that since March 2024, the Google search volume for altcoins has been steadily declining.
Grachev pointed out that the stable Bitcoin price indicates unwavering market confidence, but in the short term, Bitcoin is unlikely to increase by 50 times, while altcoins may. Some crypto investors believe Grachev’s estimation logic is too simple, while others are optimistic about DWF’s observation of the altcoin trend.
In a recent update, DWF Labs announced in early June that it will increase its holdings of $12 million worth of FLOKI tokens to strengthen support for the Floki ecosystem.
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