Bitcoin

Rise

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-challenges-in-reaching-new-highs/" data-wpel-link="internal">Bitcoin Faces Challenges in Reaching New Highs</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/mike-novogratz-predicts-bitcoin-will-reach-100000-by-end-of-2024/" data-wpel-link="internal">Bitcoin</a> (BTC) enthusiasts expecting a new peak after the fourth block reward halving may need to adjust their expectations. A recent report from the renowned American bank JPMorgan indicates that Bitcoin has already reached its peak in terms of valuation and transaction volumes.</p> 
<h2 style="text-align: justify" id="strong-obstacles-to-bitcoin-s-rise-strong"><strong>Obstacles to Bitcoin’s Rise</strong></h2> 
<p style="text-align: justify">As known, Bitcoin reached its current peak of $73,737 on March 14 after the successful launch of multiple spot Bitcoin exchange-traded funds (ETFs) in January. Since then, Bitcoin has struggled to maintain this upward momentum. Despite numerous attempts, the bulls have failed to reclaim the $73,000 level. Last week, Bitcoin’s price fell 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/" data-wpel-link="exclude">stock market</a> is attributed to various bearish factors, including repayments from the Mt. Gox exchange and significant sales by the German government.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-369025" src="https://coin-turk.com/wp-content/uploads/2024/07/Almanya-Bitcoin.png" alt="" width="780" height="184"></p> 
<p style="text-align: justify">JPMorgan’s report also highlights the disappointing performance of spot Bitcoin ETFs, which saw outflows of $662 million in June. This has contributed to the bearish sentiment surrounding the largest cryptocurrency, suggesting that its best days in this cycle may be over.</p> 
<h2 style="text-align: justify" id="strong-positive-long-term-expectations-strong"><strong>Positive Long-Term Expectations</strong></h2> 
<p style="text-align: justify">Despite these challenges, some analysts remain optimistic about Bitcoin’s <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a>. Tom Lee from Fundstrat reiterated his bullish stance with a price prediction of $150,000. Similarly, world-renowned analyst Peter Brandt believes such a target could be reached by 2025, indicating the potential for significant gains in the coming years.</p> 
<p style="text-align: justify">In addition to these bullish predictions, there are signs that the market may be in recovery mode. On July 8, spot Bitcoin ETFs saw an impressive inflow of $295 million, signaling increased demand and renewed investor interest. This could potentially indicate a shift towards a more positive outlook for the largest cryptocurrency.</p> 
<p style="text-align: justify">According to current data, Bitcoin was trading at $57,702 with a 0.93% increase in the last 24 hours at the time of writing.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-challenges-in-reaching-new-highs/" data-wpel-link="internal">Bitcoin Faces Challenges in Reaching New Highs</a></h5>

Bitcoin Faces Challenges in Reaching New Highs

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