Bitcoin Price Nears Cyclical Bottom, VanEck Says as $58.5K Risk Looms
TLDR
- VanEck says Bitcoin’s current bear cycle is showing signs of exhaustion.
- BTC has fallen from roughly $125,000 to the low-$60,000 range.
- Two of VanEck’s three GEO indicators are neutral, while leverage is constructive.
- Glassnode identifies $58,500 as a key downside level if support breaks.
- US spot Bitcoin ETFs recorded $61.1 million in net outflows on August 12.
Bitcoin may be approaching the final stages of its current bear cycle after falling from roughly $125,000 to the low-$60,000 range, VanEck said in its latest market outlook. The asset manager sees signs that selling pressure is losing strength, although weak spot demand continues to leave BTC exposed to another decline.
The assessment comes as Bitcoin spot trading activity falls to its lowest level since 2019 and US spot Bitcoin ETFs record renewed outflows. Glassnode has identified $58,500 as an important downside level if current support fails, creating a more cautious picture alongside VanEck’s bottoming view.
VanEck Says Bitcoin Bear Cycle Is Nearing Exhaustion
VanEck links Bitcoin’s current decline to its historical four-year halving cycle. The firm said BTC entered a cyclical bear phase after its latest market peak and has since fallen from around $125,000 into the low $60,000s. VanEck described these recurring declines as “features, not structural breaks,” while warning that past cycles do not guarantee future results.
… Continue reading the full article at the original source below.
