Quite recently bitcoin has had a nice rally from 6450 to 7352, nearly a thousand dollar gain. However I remain skeptical about the price action triggering a new bull run. This is because no significant news triggered this movement, making it a random market fluctuation. Now if a Bitcoin Etf gets approved on August 16 this will be a completely different story, however I just don't see any potential catalysis that would trigger a legitimate rally. Not saying the Bitcoin will go much lower (It probably won't, breaking even with mining costs), but bitcoin has the potential here to aimlessly wandering sideways for a while. No Bitcoin's not going to $50000 anytime soon but at least it might not go any lower and in this Bear market that's a plus.
