Close Menu
ADVERTISE

BTC’s Short-Term Bottom Estimated Between $85,000 and $88,700

News Briefs By

Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered, attributes recent market turbulence—including Bitcoin’s decline and the rise in U.S. long-term Treasury yields—to a reduction in the term premium of U.S. Treasury bonds. The term premium represents the additional return investors demand for holding long-term bonds instead of rolling over short-term bonds. Since Bitcoin is often viewed as a hedge against instability in traditional financial markets, increased confidence in U.S. Treasuries may temporarily weaken Bitcoin’s appeal, contributing to its price decline.

Kendrick noted, “MicroStrategy shows no signs of slowing down its Bitcoin purchases and is unlikely to sell. However, the average purchase price for ETFs and MicroStrategy since the election has been $88,700. This could serve as a short-term bottom, with Bitcoin likely consolidating in the $85,000 to $88,700 range before resuming its upward trajectory.”

Disclaimer: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.

/ Recommended Reading

Top 10 Public Companies with the Largest Bitcoin Portfolios

When it comes to investing in Bitcoin, some publicly traded companies have taken the lead with substantial investments.

JPMorgan Report: Tokenized Treasury Bonds to Challenge, Not Replace, Stablecoins

In a recent report, JPMorgan analysts highlight the rise of tokenized U.S. Treasury bonds, which are increasingly being viewed as a compelling alternative to traditional stablecoins.

Which Institutions Hold the Most Bitcoin ETFs

The approval of Bitcoin spot ETFs in 2024 has led to a significant influx of institutional investment, amassing 1 million BTC and a net asset value of $57.2 billion by mid-June.

A Long-Term Perspective on Bitcoin: Balancing Indefinite Holdings with Strategic Value-Based Investing

In a recent online discussion, a reader raised the question of whether holding 25% of a Bitcoin portfolio indefinitely remains a wise strategy, especially as the market reaches new highs.

Arthur Hayes: Bitcoin Tells the World – The Fed is Caught Between Inflation and Banking Crisis

The world’s financial markets are in the grip of uncertainty, caught in a delicate balance between inflationary pressures and a brewing banking crisis.

Bitcoin Nears Historic Milestone as Long-Term Holders Begin Profit-Taking

Bitcoin, the world’s largest cryptocurrency, has approached the unprecedented $100,000 mark, fueled by robust institutional demand and significant inflows into Bitcoin Exchange-Traded Funds (ETFs).

Buying Bitcoin with a Credit Card: Your Complete Guide to Digital Asset Acquisition

In the rapidly evolving world of digital currencies, buying Bitcoin with a credit card stands out as one of the most accessible and imperative transactions for both novice cryptocurrency enthusiasts and savvy digital investors.

Unveiling the World of Ethereum ETFs: A Comprehensive Beginner’s Guide

Ethereum has solidified its position as a frontrunner, and investors are continually seeking ways to capitalize on its potential.

Over 92% of Bitcoin Exchange Inflows Are From Short-Term Holders

According to data from CryptoQuant, the majority of Bitcoin exchange inflows over the past month have been driven by short-term holders.

Glassnode: Bitcoin Likely to Remain Weak Until It Recovers to Short-Term Holder Cost Basis of $62,400

According to a report by the crypto analytics platform Glassnode, Bitcoin’s price has stagnated, with investor sentiment remaining subdued over the past six months.