Flagship crypto asset, Bitcoin (BTC) has been recounting losses since June, which culminated in the token falling below $60,000 at some point in the just concluded month, causing BTC to struggle to remain afloat amid several unfavorable conditions, particularly the increasing Bitcoin sell-off trends among top nations.
For context, sovereign nation governments like the German rulers and the United States authorities have been moving significant amounts of Bitcoin to exchanges, compounding BTC’s precarious state, even as it attempts to recover from its declining market actions.
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BTC’s Price Amid Unfavorable Market Conditions
At the time of press, Bitcoin’s price statistics and chart on CoinMarketCap revealed that the pioneer cryptocurrency is down by about 3.34% in the past 24 hours and changing hands at about $60,300.
BTC still controls about 50.51% of the entire crypto market valuation, with a market capitalization of about $1.2 trillion. Its 24-hour trading volume recorded an estimated 4% upswing with a $22.7 billion valuation.
Meanwhile, in its specific periods’ price actions, the world’s number one crypto asset has recorded only price declines. Bitcoin’s 7-day-to-date, 14-day-to-date, and month-to-date indices registered declines of about 1.2%, 6.9%, and 11.1%.
Bitcoin To Hit $150,000, With Intact Parabolic Curve
Amid BTC’s unimpressive price actions, a renowned market expert on X, TedPillows, has projected that Bitcoin will hit $150K, citing an intact historical parabolic curve on the coin’s price chart. According to TedPillows, the parabolic curve contains four components that must play out accordingly, culminating in a sumptuous price appreciation for Bitcoin.
The Parabolic curve components include Base 1 to Base 4. The market expert brought the attention of his approximated 113K followers to the Base 1 and Base 2 phases completions, adding that Base 3 is almost over, which will usher the coin to Base 4.
Going further, the market expert noted that Base 4, which he dubbed the last leg, will begin in Q4, catalyzing BTC’s ascent to $150,000, or even more, and implying a potential 146.43% upswing.
Tom Lee Corroborates Above Claims, Asserting That Bitcoin Will Hit $150K
In a video clip making rounds on X, Tom Lee, an American entrepreneur, financial analyst, and shrewd businessman, stated that Bitcoin will hit 150K before this year runs out. Considering his portfolio, Lee’s assertion has generated widespread excitement across the crypto community, especially among BTC and altcoins holders.
Citing what could elicit the upswing in BTC’s price within the year, the financial analyst stated, “With the Mt. Gox overhang being resolved this month, it’s a good bet to expect a rebound in the second half of this year. $150k for Bitcoin in 2024 is still in play.”
JUST IN: #Bitcoin price will still hit $150K this year – Fundstrat's Tom Lee pic.twitter.com/hUuzBcNJdT
— Bitcoin Archive (@BTC_Archive) July 2, 2024
BTC’s Total Exchange Inflows Continue To Outpace Its Inflows
While the analysts in this insight might have shared bullish sentiments about Bitcoin’s future, the coin’s soaring exchange inflows will undoubtedly generate concerns, as it could hamper BTC’s price trajectory in a positive direction.
According to IntoTheBlock Bitcoin’s statistical summary, the flagship cryptocurrency is witnessing more exchange inflows valued at about $7.74 billion against outflows, with a $6.48 billion worth.
Other relevant BTC data revealed that only 12% of the coin holders qualified as whale investors, implying that Bitcoin will tend to react to retailers’ actions in a manner relatively higher than other coins with a robust whale investor pool. In addition, at Bitcoin’s current price, 76% of its owners are making profits, 10% are neither losing nor gaining, and 15% are incurring losses.
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