Collective Shift founder: Bitcoin has formed a local bottom and is moving towards an upward trend

Odaily News Ben Simpson, founder of crypto education platform Collective Shift, said that a "local bottom" for Bitcoin has now formed and believes that it is now heading for an upward trend. Simpson said that the price of Bitcoin has been hit by a lot of "forced selling", most of which came from the German government's nearly $3 billion sell-off and negative sentiment about the repayment of about $8.5 billion to Mt.Gox creditors. "Overall, I just feel that there is a big mismatch between market sentiment and fundamentals," Simpson said. Looking ahead, he believes that there will be several key positive factors for the price of Bitcoin in the coming weeks and months. "Powell hinted that there may be a rate cut soon. We also saw the S&P 500 hit a new high, as well as strong Bitcoin ETF fund inflows." (Cointelegraph)