According to Odaily, Ben Simpson, the founder of the crypto education platform Collective Shift, has stated that Bitcoin's 'local bottom' has now formed and is on an upward trend. Simpson highlighted that Bitcoin's price has been significantly impacted by substantial 'forced selling,' primarily due to the German government's sale of nearly $3 billion worth of Bitcoin and negative sentiment surrounding the repayment of approximately $8.5 billion to Mt.Gox creditors.
Simpson remarked, 'Overall, I just feel there is a significant mismatch between market sentiment and fundamentals.' Looking ahead, he anticipates several key positive factors for Bitcoin's price in the coming weeks and months. These include Federal Reserve Chairman Jerome Powell hinting at a potential interest rate cut soon, the S&P 500 reaching new highs, and strong inflows into Bitcoin ETFs.
