Key Reason Why Bitcoin Price Has Not Exceeded $70,000 Named by Top Trader

Key Reason Why Bitcoin Price Has Not Exceeded $70,000 Named by Top Trader

According to trader Gert van Lagen, long-term Bitcoin holders distributing their acquired coins to new ETF holders is the key reason why the leading cryptocurrency by market capitalization has not yet decisively surpassed the $70,000 level.

Content
Advertisement

According to trader Gert van Lagen, long-term Bitcoin holders distributing their acquired coins to new ETF holders is the key reason why the leading cryptocurrency by market capitalization has not yet decisively surpassed the $70,000 level.

In mid-May, van Lagen noted that the distribution from long-term to short-term Bitcoin holders was already in “full swing.” This assumption is based on recent on-chain data showing the turnover of coins that were held for more than 12 months.

“Parabolic” price discovery

Van Lagen claims that prior distributions of this type initially led to “parabolic” price discoveries. These price discoveries would be followed by prolonged bear markets.

HOT Stories
'It's going to be explosive...': Samson Mow predicts $10 million in Bitcoin
‘It’s going to be explosive…’: Samson Mow predicts $10 million in Bitcoin
The Future of Cryptocurrency Compliance, Adaptation to MiCA and Beyond: Interview with Mark Gofaizen, Senior Partner at Gofaizen & Sherle
Charles Hockinson breaks silence on the biggest event in Cardano history
Solana about to change: this is why

Even though Bitcoin failed to gain ground above the crucial $70,000 level, the consensus seems to be that the ongoing bull run is far from over.

As reported by U.TodayMike Novogratz, CEO of Galaxy Digital, has predicted that the price of the leading cryptocurrency could reach $100,000 by the end of the year if it manages to break through the main resistance zone of around $73,000 in the near future.

Both Fundstrat co-founder Tom Lee and prominent commodities trader Peter Brandt see Bitcoin price potentially reaching a high of $150,000 during this cycle.

Related

Thu, 06/06/2024 – 05:47
‘Rich Dad Poor Dad’ Author Makes Impressive Bitcoin Price Prediction

Bitcoin ETFs are on the way

US-based spot exchange-traded funds (ETFs) have managed to record 19 days of consecutive inflows. As reported by U.TodayThese products recorded the second largest inflows in history on Tuesday ($880 million).

Related

Fri, 05/17/2024 – 08:00
JPMorgan mentions key reasons why Bitcoin price won’t rise sharply

According to leading analyst Eric Balchunas, Bitcoin ETFs are showing impressive results staying power despite its volatile performance.

Throwing key in works

Despite impressive ETF flows, Bitcoin price plummeted on Friday following the release of US employment data. The number of jobs created in May was much higher than expected. The strength of the labor market will likely deter the US Federal Reserve from accelerating rate cuts. Such a scenario will not be beneficial for risk assets like Bitcoin.

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected]
pornhd.com hindisexyporn.com kashmiri girls sex jayasex indaporn.info desi bhabi xxx xlnindia sexo-vids.com 1st time sex video たかはししょうこ動画 javfuck.mobi 真正中出し3本番 彩乃なな sex film sexy film xxxhindividoes.com xnxx indian teens
ano nga ba ang pangarap iwantmoreteleserye.com hello heart episode 3 reshma hot saree images nuporn.mobi xvidies com bihar chudai tubezaur.mobi heroine photo hot dasixx hardcoreporntrends.com ileana d'cruz hot photoshoot www.xxxsexvideo.com xbeegtube.mobi hindi movi
www sxe vidoes erohardcore.info boops sucking dehati fuck kitporn.info chuk chuk rail fuckcomix.com mojoporntube.net gujaratisexvidio probinsyano october 18 2021 full episode freeteleseryetv.net ang probinsyano july 14 2022 قصص سكس كرتون cmsextra.net سكس بنات تخينة