Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-significant-challenges" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Significant Challenges</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoins-weekend-outlook-potential-price-rebound-in-sight" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) enthusiasts anticipating a new peak following the fourth block reward halving might need to temper their expectations. A recent report by American banking giant JPMorgan suggests that Bitcoin has already hit its peak in valuation and transaction volumes.</p>
<h2 id="what-are-the-obstacles-to-bitcoin-s-rise">What Are the Obstacles to Bitcoin’s Rise?</h2>
<p style="text-align: justify">Bitcoin reached its current apex of $73,737 on March 14, following the successful launch of multiple spot Bitcoin exchange-traded funds (ETFs) in January. However, maintaining this upward trajectory has proven difficult. Despite numerous attempts, the bulls have failed to reclaim the $73,000 level. Last week, Bitcoin’s price plummeted below $54,000, marking a 27% drop and the most significant correction of the current cycle. This underperformance compared to the US <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">stock market</a> is largely due to bearish factors such as repayments from the Mt. Gox exchange and substantial sales by the German government.</p>
<p style="text-align: justify">JPMorgan’s report also emphasizes the lackluster performance of spot Bitcoin ETFs, which experienced outflows of $662 million in June. This has exacerbated the bearish sentiment surrounding the leading cryptocurrency, indicating that its best days in this cycle might be behind it.</p>
<h2 id="why-are-analysts-still-optimistic">Why Are Analysts Still Optimistic?</h2>
<p style="text-align: justify">Despite these obstacles, some analysts continue to hold a positive long-term outlook for Bitcoin. Tom Lee from Fundstrat has reiterated his bullish stance with a price forecast of $150,000. Similarly, renowned analyst Peter Brandt believes this target could be achieved by 2025, suggesting potential for significant gains in the coming years.</p>
<h2 id="valuable-user-inferences">Valuable User Inferences</h2>
<ul>
 <li>The current bearish trends may be driven by external factors such as large-scale sales by governments and specific exchange-related issues.</li>
 <li>Despite short-term setbacks, some experts predict substantial long-term gains for Bitcoin.</li>
 <li>Increased inflows into spot Bitcoin ETFs could signal renewed investor interest and potential market recovery.</li>
</ul>
<p style="text-align: justify">In addition to these bullish predictions, signs of market recovery are emerging. On July 8, spot Bitcoin ETFs saw a notable inflow of $295 million, indicating heightened demand and renewed investor optimism. This could signal a shift towards a more positive outlook for the leading cryptocurrency.</p>
<p style="text-align: justify">According to the latest <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a>, Bitcoin was trading at $57,702 with a 0.93% increase over the last 24 hours at the time of writing.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-significant-challenges" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Significant Challenges</a></h5>

Bitcoin Faces Significant Challenges

Indice dei contenuti

BH NEWS

Altri articoli pubblicati su 9 lug 2024

Can the BTC Bulls Overpower Bears to Break Above $58K?

Messi’s $WATER Endorsement Sparks Crypto Surge

Crypto Scammers Pose as Coinbase, Swipe $1.7 Million from Users

Bitcoin Mining Difficulty Drops Significantly

Introducing the Cryptology Crypto Card: Your Key to Everyday Crypto Spending

Increase In Power Fees Drives Bitcoin Mining Firms From Paraguay To Argentina

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!