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Bitcoin’s Sideways Move: Is the Bull Run Over?
BTC’s Price Action
Bitcoin’s price has been relatively flat over the past week, with a 0.7% decline. Despite reaching as high as $99,262 on Friday morning, the coin’s value has since dipped under $95,000.
Bitcoin’s All-Time High
Bitcoin is currently priced at $96,750, which is 11% below its all-time high of over $108,000 reached in January.
ETF Flows
Investors continued to pull cash out of new American exchange-traded products, with nearly $365 million leaving the 10 funds on Thursday alone, marking the week’s worst day for flows. The other three days saw between $60-$65 million each in outflows.
Institutions Still Bullish
Analysts at investment firm Bernstein remain bullish on Bitcoin, predicting a further rally in the asset and equities related to it. They believe that the confluence of adoption by banks, institutional investors, corporates, and eventually sovereigns will push the price of the coin higher.
Fold Goes Public
Financial services company Fold, which has a debit card and rewards users with Bitcoin for buying through its app, began trading publicly on the Nasdaq Composite on Wednesday. The listing shows more mainstream acceptance of the industry, but the company’s stock price dropped sharply after its initial public offering (IPO).
DOG Expands to Solana
The most valuable Bitcoin Runes meme coin, DOG, became available on Solana thanks to a bridge that lets people trade it across both chains. The token’s pseudonymous creator, Leonidas, believes the token is “just following in the footsteps of BTC” in becoming more available to a larger crowd.
Conclusion
Bitcoin’s sideways movement has left many wondering if the bull run is over. While the coin’s price has been relatively flat, analysts at Bernstein remain bullish on the asset’s future prospects. The listing of Fold on the Nasdaq Composite and the expansion of DOG to Solana may also be positive signs for the industry. However, the recent decline in Bitcoin’s price and the outflows from exchange-traded products suggest that the market is cautious.
FAQs
Q: What is the current price of Bitcoin?
A: The current price of Bitcoin is $96,750.
Q: Is the bull run over?
A: While Bitcoin’s price has been relatively flat, analysts at Bernstein remain bullish on the asset’s future prospects.
Q: Why is there a decline in Bitcoin’s price?
A: The decline in Bitcoin’s price is attributed to a hack of crypto exchange Bybit and U.S. inflation concerns, which prompted a risk asset selloff.
Q: What are the implications of Fold’s listing on the Nasdaq Composite?
A: The listing shows more mainstream acceptance of the industry, but the company’s stock price dropped sharply after its initial public offering (IPO).
Q: What is DOG, and why is it expanding to Solana?
A: DOG is a Bitcoin Runes meme coin that is expanding to Solana, allowing it to be traded across both chains. The token’s creator believes it is "just following in the footsteps of BTC" in becoming more available to a larger crowd.
