Bitcoin fell over 7% to $63,000. However, industry leaders have different views on the future of Bitcoin. CryptoQuant CEO Ki Young Ju predicts the maximum decline to $51,000, while pointing to short-term signs of overheating and a potential correction.
Focusing on individual investor activity and ETF demand influencing market dynamics, Ki Young Ju argues that 20-30% declines are normal in a bullish cycle. The recent Bitcoin decline is being attributed to strong outflows in Grayscale's GBTC and outflows from the US Spot Bitcoin ETF.
Other experts also offer different views on the future of Bitcoin. Analyst Rekt Capital states that he expects a potential correction in Bitcoin price. This correction could be part of the retracement phase before the halving and follow a strong uptrend. Analysts continue to maintain optimistic long-term expectations for Bitcoin.
Michael Saylor and MicroStrategy reinforce their confidence in Bitcoin with the purchase of an additional 9,245 BTC worth $623 million. This move by MicroStrategy reflects the company's long-term commitment to Bitcoin and strengthens its position as an institutional player in the cryptocurrency space.
In summary, the current decline in the Bitcoin market is leading investors and analysts to think about different scenarios. While some consider possible corrections normal, others maintain their long-term positive views and an environment of trust is created, supported by corporate investments in this field.
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I EXPLAIN IN DETAIL.
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