Summary:
Despite Bitcoin's recent significant price decline, several positive factors are driving its rebound. Bitwise CEO Hunter Horsley increased his Bitcoin holdings again in the sub-$80,000 cost range, indicating investor confidence at current price levels. In addition, glassnode noted that Bitcoin's valuation has reached a historic low, signaling that the downside may be exhausted. This could attract long-term investors to enter the market.
Key Evidence Analysis:
1.Bitwise CEO Hunter Horsley has increased his Bitcoin holdings again, saying he can't resist the price range below $80,000.
Hunter Horsley's increased holdings demonstrate confidence in the current price range and may encourage other investors to follow suit, potentially driving Bitcoin's price higher.
2.glassnode reports that Bitcoin's valuation has reached a historic low, indicating the downside potential has been exhausted.
Extreme lows often signal a market bottom and attract long-term investors, which can lead to a price rebound.
3.Speculation that "IBIT hedge fund blowup triggered the sharp drop in Bitcoin" continues to spread, but some market participants believe this is a short-term event.
The "IBIT Hedge Fund Blowup" event caused short-term volatility but failed to change the long-term bullish trend. Market sentiment is gradually stabilizing, which supports a price rebound.