While the Bitcoin price hasn’t reclaimed the crucial $60,000 level to reenter the previous 4-month trading range, Ikigai Asset Management Chief Investment Officer (CIO) Travis Kling thinks that the current bearish phase is not more than a “boogeyman.” Via X, Kling listed eight reasons to be bullish on Bitcoin. He stated: “NFA. I’m wrong often. The current “bearish” backdrop seems easier to look through and buy than most of the boogeymen we’ve had in these markets over the last 6 years.” #1 Rapid Bitcoin Liquidations By Germany Travis Kling observes that Germany has significantly decreased its Bitcoin holdings, from 50,000 BTC to 22,000 BTC in recent weeks. According to him, “Germany is speedrunning their #Bitcoin dump.” He predicts the selling will soon cease, suggesting, “By the time they get down to ~5k, the market will look through it.” Kling implies that the market impact of Germany’s Bitcoin liquidations is temporary and nearing its end. #2 Mt. Gox’s Overestimated Market Impact Kling addressed the potential market effects of the Mt. Gox repayments, characterizing the fear of massive sell-offs as more speculative ..
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