{"id":628801,"date":"2024-07-10T08:00:21","date_gmt":"2024-07-10T08:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=628801"},"modified":"2024-07-10T07:33:29","modified_gmt":"2024-07-10T07:33:29","slug":"8-reasons-bitcoin-bear-phase-just-a-boogeyman","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/8-reasons-bitcoin-bear-phase-just-a-boogeyman\/","title":{"rendered":"8 Reasons Why The Bitcoin Bear Phase Is Just A ‘Boogeyman’: Fund Manager"},"content":{"rendered":"

While the Bitcoin price hasn’t reclaimed the crucial $60,000 level to reenter the previous 4-month trading range, Ikigai Asset Management Chief Investment Officer (CIO) Travis Kling thinks that the current bearish phase is not more than a \u201cboogeyman.\u201d Via X, Kling listed<\/a> eight reasons to be bullish on Bitcoin. He stated: \u201cNFA. I’m wrong often. The current “bearish” backdrop seems easier to look through and buy than most of the boogeymen we’ve had in these markets over the last 6 years.\u201d<\/p>\n

#1 Rapid Bitcoin Liquidations By Germany<\/h2>\n

Travis Kling observes that Germany has significantly decreased<\/a> its Bitcoin holdings, from 50,000 BTC to 22,000 BTC in recent weeks. According to him, \u201cGermany is speedrunning their #Bitcoin dump.\u201d He predicts the selling will soon cease, suggesting, “By the time they get down to ~5k, the market will look through it.” Kling implies that the market impact of Germany’s Bitcoin liquidations is temporary and nearing its end.<\/p>\n

#2 Mt. Gox\u2019s Overestimated Market Impact<\/h2>\n

Kling addressed the potential market effects of the Mt. Gox repayments<\/a>, characterizing the fear of massive sell-offs as more speculative than based on the creditors’ likely actions. He stated, “Gox seems more FUD than actual mass selling (just a guess but feels that way).”<\/p>\n

Related Reading: Bitcoin to the Moon? 300% Growth Predicted By This Latest Crypto Analysis<\/a><\/div>\n

He believes the creditors, many of whom are sophisticated investors, are likely to sell their holdings methodically, e.g. via TWAPs, thus reducing the impact on the market. Regarding the retail investors, Kling asked a rhetorical question, \u201cYou’ve hung on for decade when you could have sold ages ago. You’re just going to aggressively dump now, three months after the halving?\u201d<\/p>\n

#3 US Government\u2019s Bitcoin Strategy<\/h3>\n

Regarding the US government’s<\/a> Bitcoin sales, Kling emphasized the measured approach taken so far. He stated, “But they’ve been pretty measured with selling so far, so I assume they’ll continue to be pretty measured.” While he admits that the US government selling is the \u201chardest to get your head around in terms of pace\/method, and their stack is huge,\u201d he claims that the selling is unlikely to disrupt market stability.<\/p>\n

#4 Retail Investment Boost Through ETFs<\/h3>\n

Kling highlighted a surge in retail investment in Bitcoin, particularly through ETFs, following recent price dips. He remarked, “You have boomers slurping the dipperino in the BTC ETFs Fri and Mon.” This trend indicates strong retail investor interest in capitalizing on lower prices, suggesting a bullish sentiment among this investor segment.<\/p>\n

#5 Ethereum ETF Anticipation<\/h3>\n

With the anticipation of US spot Ethereum ETFs<\/a>, Kling noted that the price of ETH remains only slightly below its level prior to the emergence of ETF rumors, indicating minimal speculative hype has been priced in. This observation suggests that the market could react positively to the launches.<\/p>\n

#6 Interest Rate Cuts Are Near<\/h3>\n

Kling also discussed the potential for upcoming Federal Reserve rate cuts<\/a>, noting the market has priced in a significant probability of such an event in September. He stated, “If inflation\/labor data is light this month, Powell will likely tell the market that Sept is a live meeting at the 7\/31 FOMC. Nickileaks has already teased this.\u201d<\/p>\n

Related Reading: If History Repeats, Bitcoin Price Could Crash 33% Again: Here\u2019s Why<\/a><\/div>\n

The fund manager is referring to Wall Street Journal’s Nick Timiraos who is also known as \u201cmouthpiece of the Fed\u201d. A few days ago, Timiraos wrote via X that the June jobs report will make the July Fed meeting \u201cmore interesting\u201d because. \u201cFor the first time all year\u2014a real debate over whether to cut at the *next* meeting (in September),\u201d he remarked.<\/p>\n

#7 The Potential Trump Pump<\/h3>\n

Kling speculated on the political landscape’s influence on Bitcoin, particularly under a potential Trump presidency. Kling posed a rhetorical question, “What else would you rather own than crypto going into a Trump presidency?” with regards to the latest pro-Bitcoin and crypto comments<\/a> by the leading presidential candidate in the polls.<\/p>\n

#8 Bitcoin And Nasdaq Re-Coupling<\/h3>\n

Kling pointed out the disparity between NASDAQ’s continual new all-time highs and Bitcoin’s relative underperformance. He noted, “NASDAQ keeps making new ATH after new ATH. Crypto has completely decoupled to the downside.” He suggests that Bitcoin is undervalued relative to the major market index and soon starts a catch-up rallye. \u201cYou could argue BTC is lagging QQQ by 40% YTD,\u201d Kling concluded.<\/p>\n

At press time, BTC traded at $59,147.<\/p>\n

\"Bitcoin
BTC reclaims the 200-day EMA (blue), 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

While the Bitcoin price hasn’t reclaimed the crucial $60,000 level to reenter the previous 4-month trading range, Ikigai Asset Management Chief Investment Officer (CIO) Travis Kling thinks that the current bearish phase is not more than a \u201cboogeyman.\u201d Via X, Kling listed eight reasons to be bullish on Bitcoin. He stated: \u201cNFA. I’m wrong often. The current “bearish” backdrop seems easier to look through and buy than most of the boogeymen we’ve had in these markets over the last 6 years.\u201d #1 Rapid Bitcoin Liquidations By Germany Travis Kling observes that Germany has significantly decreased its Bitcoin holdings, from 50,000 BTC to 22,000 BTC in recent weeks. According to him, \u201cGermany is speedrunning their #Bitcoin dump.\u201d He predicts the selling will soon cease, suggesting, “By the time they get down to ~5k, the market will look through it.” Kling implies that the market impact of Germany’s Bitcoin liquidations is temporary and nearing its end. #2 Mt. Gox\u2019s Overestimated Market Impact Kling addressed the potential market effects of the Mt. Gox repayments, characterizing the fear of massive sell-offs as more speculative than based on the creditors’ likely actions. He stated, “Gox seems more FUD than actual mass selling (just a guess but feels that way).” Related Reading: Bitcoin to the Moon? 300% Growth Predicted By This Latest Crypto Analysis He believes the creditors, many of whom are sophisticated investors, are likely to sell their holdings methodically, e.g. via TWAPs, thus reducing the impact on the market. Regarding the retail investors, Kling asked a rhetorical question, \u201cYou’ve hung on for decade when you could have sold ages ago. You’re just going to aggressively dump now, three months after the halving?\u201d #3 US Government\u2019s Bitcoin Strategy Regarding the US government’s Bitcoin sales, Kling emphasized the measured approach taken so far. He stated, “But they’ve been pretty measured with selling so far, so I assume they’ll continue to be pretty measured.” While he admits that the US government selling is the \u201chardest to get your head around in terms of pace\/method, and their stack is huge,\u201d he claims that the selling is unlikely to disrupt market stability. #4 Retail Investment Boost Through ETFs Kling highlighted a surge in retail investment in Bitcoin, particularly through ETFs, following recent price dips. He remarked, “You have boomers slurping the dipperino in the BTC ETFs Fri and Mon.” This trend indicates strong retail investor interest in capitalizing on lower prices, suggesting a bullish sentiment among this investor segment. #5 Ethereum ETF Anticipation With the anticipation of US spot Ethereum ETFs, Kling noted that the price of ETH remains only slightly below its level prior to the emergence of ETF rumors, indicating minimal speculative hype has been priced in. This observation suggests that the market could react positively to the launches. #6 Interest Rate Cuts Are Near Kling also discussed the potential for upcoming Federal Reserve rate cuts, noting the market has priced in a significant probability of such an event in September. He stated, “If inflation\/labor data is light this month, Powell will likely tell the market that Sept is a live meeting at the 7\/31 FOMC. Nickileaks has already teased this.\u201d Related Reading: If History Repeats, Bitcoin Price Could Crash 33% Again: Here\u2019s Why The fund manager is referring to Wall Street Journal’s Nick Timiraos who is also known as \u201cmouthpiece of the Fed\u201d. A few days ago, Timiraos wrote via X that the June jobs report will make the July Fed meeting \u201cmore interesting\u201d because. \u201cFor the first time all year\u2014a real debate over whether to cut at the *next* meeting (in September),\u201d he remarked. #7 The Potential Trump Pump Kling speculated on the political landscape’s influence on Bitcoin, particularly under a potential Trump presidency. Kling posed a rhetorical question, “What else would you rather own than crypto going into a Trump presidency?” with regards to the latest pro-Bitcoin and crypto comments by the leading presidential candidate in the polls. #8 Bitcoin And Nasdaq Re-Coupling Kling pointed out the disparity between NASDAQ’s continual new all-time highs and Bitcoin’s relative underperformance. He noted, “NASDAQ keeps making new ATH after new ATH. Crypto has completely decoupled to the downside.” He suggests that Bitcoin is undervalued relative to the major market index and soon starts a catch-up rallye. \u201cYou could argue BTC is lagging QQQ by 40% YTD,\u201d Kling concluded. At press time, BTC traded at $59,147. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":628803,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,680,1119,1122,1144,17238],"class_list":["post-628801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-travis-kling"],"acf":[],"yoast_head":"\n8 Reasons Why The Bitcoin Bear Phase Is Just A 'Boogeyman'<\/title>\n<meta name=\"description\" content=\"While the Bitcoin price hasn't reclaimed the crucial $60,000 level, Travis Kling thinks that the current bearish phase is just a \u201cboogeyman.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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