The Bitcoin (BTC) market has been experiencing significant volatility lately, with concerns over waning investor risk appetite and recent government sell-offs weighing on the price. However, despite the bearish trend, some market analysts remain optimistic about a potential price reversal for the leading cryptocurrency.

Renowned crypto analyst Michael van de Poppe has shared a bullish outlook for Bitcoin, suggesting that a reversal could occur after the price dips to the $60,000 level. Van de Poppe believes this price point could trigger a bullish divergence, potentially leading to a substantial recovery.

The analyst's forecast is closely tied to the anticipated approval of a U.S. Spot Ethereum ETF by the SEC next week. Analysts believe that the introduction of an Ethereum ETF could boost institutional interest and overall investor confidence in the cryptocurrency market, which could ultimately benefit Bitcoin's price as well.

Meanwhile, some market participants have expressed concerns about Bitcoin miners selling off their holdings, leading to additional market pressure. However, James Butterfill, Head of Research at CoinShares, argues that these fears may be overstated. Butterfill's analysis suggests that while miners are selling more Bitcoin, the overall impact on the market is relatively minor compared to historical precedents.

During the writing of this article, Bitcoin was trading at around $61,565, up slightly from the previous day. The cryptocurrency's trading volume has also seen a 12.6% decline to $22.48 billion. Despite the recent volatility, the broader market sentiment remains cautiously optimistic, with analysts closely monitoring the potential impact of the Spot Ethereum ETF approval and the ongoing dynamics of the Bitcoin mining sector.