Greed

Core

Bitcoin

Synergy

<div>
 A market analyst predicts a massive rebound in Bitcoin's price to $330,000 in the current bull cycle, driven by accumulation from institutional investors and historical bull cycle patterns. Despite a recent 23% price drop due to Mt. Gox reimbursements and German BTC sell-offs, data indicates strong institutional buying and growing whale holdings. Other positive developments that could boost BTC’s price include BitcoinBlack's acquisition of Ask the Doctor, and Bitcoin miners' increasing role in AI data centers. Bernstein is also still bullish on Bitcoin, and believes the crypto could reach $200,000 by 2025 and over $1 million by 2033.
 <h2 id="analyst-predicts-bitcoin-surge">Analyst Predicts Bitcoin Surge</h2>
 Independent market analyst <a href="https://x.com/satoshibaggins/status/1810986413435097412" target="_self" rel="noopener noreferrer nofollow">Arsen</a> is unfazed by the recent dip in Bitcoin’s price. In fact, the analyst predicts a massive rebound in BTC’s price to $330,000 in the current bull cycle. Arsen argues that smart money, including institutional investors, market experts, and other financial professionals, have been accumulating Bitcoin during its recent correction cycle, which indicates a long-term bullish bias for the crypto king.&nbsp;
 He also pointed out that this dip is nothing new, and referred to Bitcoin’s previous bull cycles, which happened every four years and saw explosive price growth. For example, Bitcoin’s first bull cycle in 2012 lasted 800 days and saw its price rise by a whopping 9,000%. The cycles thereafter in 2016 and 2020 also lasted around 800 days, and BTC’s price ended up surging by about 3,000% and 1,200%, respectively.&nbsp;
 Bitcoin’s previous bull cycles (Source: <a href="https://x.com/satoshibaggins/status/1810986413435097412" target="_self" rel="noopener noreferrer nofollow">Arsen</a>)
 Arsen acknowledges that in each consecutive cycle, Bitcoin returns diminish by about 60%, which implies a 450% price increase this cycle. This will put Bitcoin at approximately $330,000 per coin.&nbsp;
 The analyst's prediction is made during a sharp correction, with BTC down close to 23% from its all-time high of about $74,000. This was mostly driven by the ongoing Mt. Gox reimbursement to clients and the German government’s aggressive BTC sell-off.&nbsp;
 Despite this, data from CoinShares shows that institutional investors were buying the dip. Additionally, a weekly <a href="https://cryptoquant.com/insights/research/668ea1901fe1d9469fe2119b-10-July-2024-Pivotal-Point-Positive-and-Negative-Conditions-For-Bitcoin-to-Botto" target="_self" rel="noopener noreferrer nofollow">report</a> by the on-chain analytics platform CryptoQuant revealed that Bitcoin’s whales have continued to increase their holdings during the recent price decline. According to the report, whale holdings are growing at a 6.3% month-on-month rate, the fastest monthly pace since Apr. 12. This is a clear indicator that there is still growing demand for Bitcoin.&nbsp;&nbsp;
 While some analysts believe Bitcoin’s ongoing correction is far from bottoming out, most are still convinced about a long-term bull scenario similar to Arsen’s $330,000 price target. Markus Thielen, an analyst at <a href="https://mail.10xresearch.co/p/bitcoin-crashing-50000-prepared" target="_self" rel="noopener noreferrer nofollow">10x Research</a>, suggests BTC’s price will likely drop toward $50,000 in the coming weeks.&nbsp;
 <a href="https://x.com/CryptoMichNL/status/1808857859548922207" target="_self" rel="noopener noreferrer nofollow">Michaël van de Poppe</a> also has a short-term bearish outlook for Bitcoin’s price, anticipating that Bitcoin will break below the May 1 low of $56,000 to tap into the demand-side liquidity beneath it, ultimately falling further to around $52,800. Another market analyst, <a href="https://x.com/apsk32/status/1810496725851017336" target="_self" rel="noopener noreferrer nofollow">Apsk32</a>, sees a correction until October, followed by a 300% rally into 2026.
 <h2 id="bitcoin-sentiment-hits-extreme-fear">Bitcoin Sentiment Hits 'Extreme Fear'</h2>
 Despite the optimism of some analysts, the Crypto Fear and Greed Index, an indicator tracking market sentiment toward Bitcoin and crypto, has fallen to ”extreme fear.” In fact, it has fallen to its lowest level since January last year.&nbsp;
 This decline comes as Bitcoin's price struggled to break above the $60,000 mark for the second time in 48 hours. On July 11, crypto and forex trader Justin Bennett shared with his followers on X that Bitcoin once again failed to breach $60,000, and pointed out the potential formation of a ”rising wedge,” which indicates further downside in the coming days.&nbsp;
 Bitcoin rallied to $59,485 on July 10 before falling back to $57,000 within 12 hours. On July 11, it briefly rallied to $59,529 but couldn't maintain that level.&nbsp;
 Bitcoin’s 1d price chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_self" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
 At press time, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_self" rel="noopener noreferrer nofollow">Bitcoin</a> is trading at $56,804, after its price dropped by 1.44% over the past 24 hours, according to CoinMarketCap data. BTC’s price is also still down by over 15% on its monthly time frame.
 The Crypto Fear and Greed Index considers factors like market volatility (25%), trading volume (25%), Bitcoin's dominance (10%), and trends (10%). Since reaching a score of 90 ”Extreme Greed” on Mar. 5, the index score has been on a consistent downtrend.
 <h2 id="crypto-meets-healthcare">Crypto Meets Healthcare</h2>
 There are, at least, a few positive developments for Bitcoin as well. BitcoinBlack, a crypto card issuer, announced a deal to <a href="https://www.prweb.com/releases/bitcoinblack-acquires-telemedicine-platform-ask-the-doctor-302193311.html" target="_self" rel="noopener noreferrer nofollow">acquire</a> telemedicine provider Ask the Doctor. This will allow cardholders to pay for doctor visits and prescription drugs with cryptocurrency.&nbsp;
 The integration of Ask the Doctor's services into BitcoinBlack’s mobile app will give cardholders exclusive access to private telemedicine services through their mobile devices. BitcoinBlack members will be able to order and pay for prescriptions using cryptocurrency, leveraging Ask the Doctor’s network of medical professionals.
 This latest development boosts BitcoinBlack’s existing suite of offerings, which includes private jet services, a luxury marketplace, a rewards program, and invitations to exclusive events. BitcoinBlack is owned by New York LTD, a holding company based in the Turks and Caicos Islands, and offers cardholders up to 10% cashback in the form of SPND rewards tokens. These tokens are very similar to traditional cashback rewards, and can be redeemed at BitcoinBlack’s Haute Living Luxury Marketplace for items like watches and private jets.
 Ask the Doctor has been a pioneer in accepting cryptocurrency payments since 2016. According to Chief medical officer <a href="https://www.huffpost.com/entry/canadian-startup-ask-the-doctor-joins-growing-list_b_581cd017e4b0334571e09ad2" target="_self" rel="noopener noreferrer nofollow">Dr. Michael Warner</a>, adding Bitcoin provided a level of privacy that traditional payment methods did not offer.
 Some of&nbsp; Ask the Doctor’s largest backers include Canadian Dragon’s Den star Michele Romanow, NBA player Dikembe Mutombo, celebrity dentist Dr. Amira Ogunleye, NFL veteran Israel Idonije, and Adam Cole Jacobs, former head of payments at the defunct crypto exchange FTX.
 The global telehealth and telemedicine market is rapidly growing and is projected to grow to $342.43 billion by 2028, according to <a href="http://researchandmarkets.com" target="_self" rel="noopener noreferrer nofollow">ResearchandMarkets.com</a>.
 <h2 id="bitcoin-miners-amp-ai-a-growing-synergy">Bitcoin Miners &amp;amp; AI: A Growing Synergy</h2>
 Meanwhile, Bitcoin miners are becoming attractive partners for building artificial intelligence (AI) data centers because of their substantial power supplies and operational capabilities, according to a research <a href="https://www.coindesk.com/markets/2024/07/10/bitcoin-miners-are-attractive-partners-to-build-artificial-intelligence-data-centers-bernstein/amp/" target="_self" rel="noopener noreferrer nofollow">report</a> by broker Bernstein. Recent AI partnerships, like Core Scientific's 12-year agreement with CoreWeave and Coatue Management's $150 million investment in Hut 8, have had a huge impact on the sector.&nbsp;
 Bernstein initiated coverage of miner Iris Energy with an outperform rating and a $26 price target, while Core Scientific received an outperform rating with a $17 objective. On Tuesday, Iris Energy traded at $13.40, and Core Scientific at $9.79.
 Bitcoin miners currently control around 6 gigawatts (GW) of power, but this number is expected to reach up to 12 GW by 2027. This power access positions miners advantageously in the ”large load power interconnect queue,” allowing potential partners to save time in securing energy supplies.&nbsp;
 Analysts, led by Gautam Chhugani, believe that Bitcoin data centers are well-suited for retrofitting to AI because of their high power density racks, cooling infrastructure, and general data center capabilities. Bernstein anticipates that by the end of 2027, 20% of Bitcoin miners' power capacity will pivot to AI.
 The five largest U.S. Bitcoin miners are expected to continue consolidating and growing to about 25% of the global Bitcoin hashrate, with the option to pivot to AI in the medium term.&nbsp;
 Bernstein is also still bullish on Bitcoin, and predicts the asset could reach $200,000 by 2025, $500,000 by 2029, and over $1 million by 2033. After the successful launch of spot Bitcoin exchange-traded funds (ETFs) in the U.S. in January, the broker's conviction in these projections is even stronger.
</div>

Analyst Sees Bitcoin Hitting $330,000 in Current Bull Cycle

Table of Contents

Coinpaper.com

Other articles published on Jul 12, 2024

Crypto Market Plunges as Mt. Gox-Linked Wallet Movements Spark Fears

King Doge (KINGDOGE) Will Explode 14,000% Before KuCoin Listing, as Shiba Inu, Bonk and Dogecoin Lag

Analyst Highlights Bitcoin’s Potential for Significant Price Increase

El Salvador Grows Bitcoin Vault Whilst Germany Continues Offloading Its BTC Reserves

Stacks Revived Over 20% This Week: Aggression Or Stray Move?

PEPU Presale Smashes $3M Record: Your Chance to Get Rich as it Surpasses $PEPE

Join our free newsletter for daily crypto updates!