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Bitcoin (BTC) has dropped over the past couple of days after failing to push above the $60,000 mark. After reaching a high of $59,683, BTC fell into the red and settled at $57,386, with sellers active at higher levels. Despite BTC’s difficulty in recent days, one analyst has predicted that it could hit a staggering $330,000 this bull cycle. Smart Money Is Betting On BTC The staggering prediction was made by independent analyst Arsen, who, unfazed by BTC’s recent dip, predicted a staggering rebound during the current bull cycle. Arsen has stated that institutional investors, financial professionals, and market experts have been accumulating BTC during its recent correction, indicating long-term bullishness. The analyst noted that the recent dip was nothing new and pointed at previous bull cycles, which had experienced substantial price increases. BTC’s first bull cycle in 2012 lasted for 800 days and saw the price of the asset increase by a staggering 9,000%. Subsequent bull cycles in 2016 and 2020 also went on for about 800 days and saw BTC’s value increase by 3000% and 1200%, respectively. Arsen’s prediction comes in the middle of an ongoing correction that has seen BTC down almost 24% from its all-time high of $74,000. Currently, the asset is trading just above the $57,000 mark, with bears looking to push the price lower. Bitcoin (BTC) Price Analysis Germany has been liquidating its Bitcoin (BTC) holdings, which has had a significant impact on the price of the asset. The government offloaded an additional $376 million worth of BTC on Thursday and now has around 9,000 BTC left to sell. So far, the German authorities have liquidated 82% of their holdings. With the selling seemingly at an end, BTC has remained steady around the $57,000 mark, which could bring some cheer to market watchers. So,…

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Filed under: News - @ July 13, 2024 8:18 pm