Fidelity Predicts Bitcoin is Approaching a Price Bottom

Analysts at Fidelity believe that Bitcoin (BTC) is nearing its price bottom. The supply held by long-term holders has reached a record close to 15 million BTC, with over 40% of this supply currently at a loss. This pattern has historically indicated the formation of a price bottom. The 30-day moving average of supply at a loss has increased to 50% as Bitcoin's price fell below $63,000. In 2022, when Bitcoin recorded its price bottom around $16,000, the supply at a loss also reached 50%. However, analysts warn that macroeconomic and geopolitical pressures could limit risk appetite in the market. Inflows into Bitcoin investment funds remain weak, and investment giants like BlackRock and Fidelity have sold their Bitcoins in recent months. Analysts predict that Bitcoin will fluctuate in a neutral range between $55,000 and $70,000 in July.

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