As a long-term Bitcoin investor with experience in observing market trends, I find van Lagen’s analysis intriguing. The distribution of long-term Bitcoin holders to new ETF holders could indeed be a factor hindering the cryptocurrency’s decisive break above $70,000. Previous distributions have historically led to parabolic price discoveries followed by prolonged bear markets.
As an analyst, I’d interpret Gert van Lagen’s perspective as follows: Based on my analysis, Bitcoin‘s failure to surpass the $70,000 mark could be attributed to long-term holders gradually releasing their coins into the market to fuel the growth of newly established ETFs.
Around the middle of May, van Lagen observed that the shift from long-term to short-term Bitcoin holders had gained momentum. This observation stems from recent on-chain statistics indicating a changeover in coins that have been stored for over a year.
“Parabolic” price discovery
Van Lagen explained that past occurrences of such distributions resulted in “sharp price increases initially,” which were then followed by extended periods of downturns or bear markets.
As a researcher studying the cryptocurrency market, I’ve observed that despite Bitcoin’s inability to surpass the significant resistance level at $70,000, there’s a widespread belief that the current bull run still has room to grow.
According to U.Today’s report, Mike Novogratz, CEO of Galaxy Digital, anticipates that Bitcoin’s price could climb up to $100,000 by year-end if it successfully overcomes the significant resistance level around $73,000 in the imminent future.
Tom Lee, a co-founder of Fundstrat, and well-known commodity trader Peter Brandt predict that the price of Bitcoin could reach a peak of $150,000 in this particular market cycle.
Bitcoin ETFs are on roll
I’ve analyzed the data and found that U.S.-based spot Exchange-Traded Funds (ETFs) have experienced a remarkable streak of 19 consecutive days with net inflows. The largest inflow during this period, amounting to $880 million, occurred on Tuesday as per U.Today’s report.
As a seasoned analyst, I’ve observed that Bitcoin Exchange-Traded Funds (ETFs) have proven resilient in the face of volatility, showcasing notable staying power according to my latest research.
Throwing wrench in works
In contrast to the significant influx of investments into Bitcoin ETFs, the cryptocurrency’s price took a nosedive on Friday. This occurred soon after the publication of unexpectedly robust U.S. jobs data. The surprising increase in employment numbers raises speculation that the Federal Reserve may delay further interest rate reductions. Consequently, such a development could negatively impact risk assets like Bitcoin.
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2024-06-09 15:40