yolowire.com - Analysts at Cryptocurrency exchange Binance say the selloff in Bitcoin (CRYPTO: BTC) over the past few months looks to now be over as its price reaches $65,000 U.S.
In fact, Binance says the entire cryptocurrency sector looks positioned for a positive second half of the year after experiencing a pronounced downturn in the second quarter.
After hitting an all-time high of just under $74,000 U.S. in March of this year, Bitcoin’s price slumped and fell below $58,000 U.S. throughout the second quarter.
The decline came following a halving event in April that saw the available supply of Bitcoin, and the rewards for mining it, reduced by 50%.
Other cryptocurrencies such as Ethereum (CRYPTO: ETH) and Cardano (CRYPTO: ADA) also saw their prices fall sharply throughout the spring.
However, a recovery is now underway with Bitcoin’s price hovering near $65,000 U.S., up 46% on the year.
Analysts at Binance see several catalysts for Bitcoin and other cryptocurrencies in coming months.
Those catalysts include the launch of spot Ethereum exchange-traded funds (ETFs) and a possible U.S. presidential victory for Donald Trump, who is supportive of crypto and against regulating it.
Interest rate cuts in the U.S. this autumn could provide a further tailwind for cryptocurrencies, notes Binance in a note to clients.
And, despite the selloff this spring, Binance emphasizes that Bitcoin prices have historically been higher 12 months after previous halving events.