Crypto Markets Quiet as Analysts Predict One Last Leg Lower
Bitcoin and major altcoins like Ethereum and XRP had a quiet end to the week as analysts remain uncertain about the future of cryptocurrency markets. Despite a sharp decline in technology stocks following disappointing corporate earnings, Bitcoin held steady.
According to Coinglass data, over $301 million was lost by 83,203 traders in the past 24 hours. Meanwhile, SoSoValue reported net outflows of $225.2 million from spot Bitcoin ETFs on Thursday, while Ethereum ETFs saw a modest increase with net inflows of $26.3 million.
Trader Crypto Kaleo predicts 'one last leg lower' before the bear market bottom is reached, but notes that this decline could occur by mid-to-late August or sooner. He advises traders to keep capital ready for high-conviction assets. Conversely, Trader KillaXBT believes Bitcoin's market cycle has accelerated and may see a pre-halving all-time high.