Bitcoin has rebounded above $62,000, with analysts suggesting the worst of the selling is likely behind us, marking a potential shift in the market.

Market Impact Eases as Mt. Gox and German Sales Priced In

The worst of the selling may have over, according to analysts, as Bitcoin's price has recovered and is now trading above $62,000. This comes after Mt. Gox payouts were almost priced in and German BTC transactions had ended.

In accordance with TradingView, the price of bitcoin is at $62,550, up 5.2% from its two-month low of $53,500 on July 4.

The creator of the crypto education website Collective Shift, Ben Simpson, recently told Cointelegraph that he thinks Bitcoin has formed its "local bottom" and is now going to go on an upward.

According to Simpson, a flood of "forced selling" caused the Bitcoin price to plummet. This "forced selling" was mostly caused by unfavorable attitude towards the roughly $8.5 billion in creditor repayments owed by Mt. Gox and the over $3 billion in sales made by the German government.

Simpson claimed that the Crypto Fear & Greed Index hit its lowest point in 18 months on July 12, when Bitcoin was swaying about the $59,000 level, which went against a more fundamentals-based perspective of the market as a whole.

"Generally, I just felt there was a very big mismatch between sentiment and fundamentals," he stated.

Simpson now sees a number of important catalysts that bode well for Bitcoin's price over the next several months and weeks.

Analysts Confident as Bitcoin Rises Past $62,000

Apollo sats founder Thomas Fahrer referenced Coinglass data in a July 15 post on X. As Bitcoin went above the $62,000 level, little over $360 million in leveraged short positions on Bitcoin were liquidated.

Positive Catalysts Anticipated for Bitcoin, Says Simpson

Similarly, according to eToro market analyst Josh Gilbert, who spoke with Cointelegraph, Bitcoin's price may have already peaked, and the bull market could be over in the next few months thanks to Trump's improved chances of winning the forthcoming election.

“We’ve seen weakness in the last few months, but I think the worst is likely behind us. Any short-term weakness is likely to be bought with this in mind, alongside the tailwind of an ETH ETF and, of course, a more pro-crypto US party potentially being elected.”