- As Bitcoin falls below $60,000, institutions are purchasing, which supports the long-term optimistic prognosis for the price of BTC.
Arsen, an independent market expert, is undaunted by the recent decline in the price of Bitcoin and believes that the current bull cycle will see a massive rise to $330,000.
Wealthy people are hoarding Bitcoin
Arsen contends that Bitcoin has been amassed by clever money, which includes institutional investors, market analysts, and other financial experts.
During its most recent downturn cycle, BTC tickers dropped to $57,063—a sign of its long-term positive leaning for the leading cryptocurrency.
The analyst pointed to Bitcoin’s past bull cycles, which happened every four years and saw strong price increases, to explain why this slump is nothing new.
For instance, the price of Bitcoin rose by an incredible 9,000% in its first 800-day bull cycle in 2012. The next cycles, which lasted about 800 days each in 2016 and 2020, saw increases in the price of Bitcoin of over 3,000% and 1,200%, respectively.
However, the estimate for the price of Bitcoin comes amid a severe downturn, with the cryptocurrency down about 23% from its all-time high of almost $74,000, set just four months ago.
The leading cryptocurrency was trading at a muted $57,000 as of July 11. The aggressive Bitcoin sell-off by the German government and the ongoing Mt. Gox client refund were the main causes of its recent losses. However, CoinShares data indicates that institutional investors were purchasing the dip.
Furthermore, a weekly analysis published by the onchain analytics platform CryptoQuant pointed out that amid the recent drop in price, large investors in Bitcoin, or “whales,” have been adding to their holdings.
How much lower can Bitcoin fall before it starts to rise again?
Some analysts believe that Bitcoin’s current slump is far from over, but the majority are still bullish about a long-term bull market that might see prices close to Arsen’s $330,000 objective.
For example, according to 10x Research analyst Markus Thielen, a double top formation is expected to cause Bitcoin’s price to fall toward $50,000 in the upcoming weeks. In the chart below, double tops are shown as bearish reversal patterns.
The founder of MN Capital, Michaël van de Poppe, is likewise pessimistic about the price of Bitcoin in the near future.
The market analyst predicts that after breaching below the $56,000 low on May 1 in order to gain access to the demand-side liquidity below it, Bitcoin will ultimately fall to roughly $52,800.
Another market expert, Apsk32, predicts a 30% increase through 2026 after a dip through October.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
