Bitcoin traders are still reeling from losses from the 50% drop in Bitcoin prices since October, and all eyes are now on the Federal Reserve’s July “pivot point.”
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The price of Bitcoin has bottomed out at around $60,000 per Bitcoin, helped by BlackRock quietly laying the foundations for the next Bitcoin cycle.
Now that one watchful Bitcoin and cryptocurrency analyst has predicted that the tiny cryptocurrency could skyrocket 50x, Bitcoin could be headed for a $1 trillion “parabolic” move.
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Bitcoin is preparing for a “parabolic” move after the Bitcoin price crash.
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“Bitcoin is likely headed for another parabolic cycle,” wrote X Ki Young Joo, founder of bitcoin analytics firm CryptoQuant.
However, “the next parabolic bull cycle will likely require deeper institutional allocation. Bitcoin should be a mainstream macro asset, not just a retail-focused ETF trading,” Ki Young Joo said.
Bitcoin and cryptocurrencies’ latest surge to a Bitcoin price peak of $126,000 was driven by spot Bitcoin exchange-traded funds (ETFs), led by BlackRock’s IBIT Bitcoin fund.
Ki Yong Joo pointed to $2.7 billion in net capital inflows that drove Bitcoin prices up nearly 55,500% in 2011.
US spot bitcoin exchange-traded funds (ETFs) recorded their eighth straight negative week and longest stretch ever in July, losing about $527 million in a holiday-shortened week. However, inflows totaled $222 million on Thursday, breaking a 10-session streak of outflows, according to data released by SoSoValue. Block.
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The price of Bitcoin has fallen more than 50% in recent months, although some Bitcoin price forecasts suggest a “parabolic” rise.
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The price of Bitcoin has not yet emerged from its recent downtrend, and sentiment towards Bitcoin is currently near an all-time low.
“Traders must distinguish between short-term, medium-term and long-term horizons.”
10x Research analysts led by Markus Thielen wrote about this in an email. “Somewhat unexpectedly, we have now reached a point where sentiment is very low, as evidenced by $9 billion of Bitcoin ETF outflows over the past two months, as well as noticeably lower trading volumes.”