Bitcoin traders are still nursing their losses from the bitcoin price 50% crash since October, with all eyes now on a Federal Reserve July “pivot point.”
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The bitcoin price has found a floor at around $60,000 per bitcoin, helped by BlackRock quietly laying the foundations of the next bitcoin cycle.
Now, as one closely-watched bitcoin and crypto analyst has predicted a tiny cryptocurrency could be about to rocket 50-fold, bitcoin could be headed for a $1 trillion “parabolic” move.
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Bitcoin is braced for a “parabolic” move after the bitcoin price crash.
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“Bitcoin likely has another parabolic cycle ahead,” Ki Young Ju, the founder of bitcoin and crypto analytics company CryptoQuant, posted to X.
However, “the next parabolic bull cycle likely requires deeper institutional allocation. Bitcoin needs to be a core macro asset, not just a retail-driven ETF trade,” Ki Young Ju said.
The latest bitcoin and crypto bull run to the bitcoin price’s peak of $126,000 was powered by the spot bitcoin exchange-traded funds (ETFs) led by BlackRock’s IBIT bitcoin fund.
Ki Young Ju pointed to $2.7 billion in net capital inflows driving a near-55,500% bitcoin price increase in 2011. “This cycle, $697 billion produced a 689% return … if bitcoin can absorb $1 trillion in realized capitalization, another parabolic bull run remains on the table.”
U.S. spot bitcoin exchange-traded funds (ETFs) have recorded their eighth straight negative week and the longest run on record into July, losing around $527 million in the holiday-shortened week. However, Thursday saw inflows of $222 million, snapping the 10-session outflow streak, according to SoSoValue data reported by The Block.
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The bitcoin price has crashed by more than 50% in recent months, though some bitcoin price predictions see a “parabolic” run ahead.
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The bitcoin price has yet to break out of its recent downward trend, with bitcoin sentiment currently near an all-time low.
“Traders must distinguish among short-, medium-, and long-term horizons,”
10x Research analysts led by Markus Thielen wrote in an emailed note. “Somewhat unexpectedly, we’ve now reached a point where sentiment is very low, as reflected in $9 billion in bitcoin ETF outflows over the last two months, alongside notably lower trading volumes.”