Bitcoin’s recovery bounce is losing steam, indicating that the bears remain active at higher levels.
Bitcoin’s (BTC) recent fall on Aug. 5 flushed out several leverage trades. Trading firm QCP Capital believes that the panic selling could have resulted in a short-term bottom in Bitcoin and Ether (ETH). QCP told its Telegram channel subscribers that it was “possibly time to start thinking about accumulating BTC and ETH spot.”
However, a few other analysts have a different view. According to 10x Research head of Research Markus Thielen, a good entry point for Bitcoin could be in the low 40,000 zone from where a major rally is likely to be attempted.
Similarly, Gokhstein Media founder David Gokhstein said in a post on X that a drop to $50,000 or even to $40,000 in Bitcoin “would be a perfect opportunity to scoop up some more.”
