Bitcoin’s price has been hovering around $67,000, struggling to make significant gains as the cryptocurrency market remains relatively stable. Despite some attempts at a rally earlier in the week, Bitcoin has been trading sideways, indicating a lack of strong investor confidence. In fact, U.S.-listed spot bitcoin exchange-traded funds experienced $226 million in net outflows on Thursday, with Fidelity’s FBTC leading the outflows and only BlackRock’s IBIT seeing minor inflows. Over the past 24 hours, Bitcoin’s price declined by 1.3%, mirroring a broader downturn in the crypto market, as seen in the CoinDesk 20 Index (CD20) which was down nearly 1%.
According to brokerage company Bernstein, Bitcoin is projected to reach $1 million within the next 10 years, with a cycle-high of $200,000 expected by 2025 on its way to a forecast of $1 million by 2033. This bullish outlook on Bitcoin’s price also includes a massive price target of $2,890 per share for MicroStrategy, the largest corporate holder of Bitcoin. This would represent a significant rally for MicroStrategy’s stock, which closed at $1,480 on Thursday.
In other news, former Goldman Sachs executive Connie Shoemaker has joined the board of directors of Anchorage Digital, a crypto custody firm that is the only crypto bank chartered by the Office of the Comptroller of the Currency (OCC) in the U.S. This move comes as Anchorage Digital aims to meet the increasing demand from institutional investors for secure and regulated digital asset infrastructure. Shoemaker, who previously served as Goldman Sachs’ global head of strategy during the 2008 financial crisis, brings a wealth of experience in overseeing the growth of Goldman Sachs Asset Management (GSAM) and will play a key role in Anchorage Digital’s strategic development.
Looking at the market trends, the chart of the day shows the seven-day change in open interest (OI)-adjusted cumulative volume delta (CVD) in futures tied to the top 25 cryptocurrencies by market value. Interestingly, TRX is the only coin that has seen a positive CVD, indicating new inflows into the market. A positive CVD suggests an increase in buyers, while a negative print signals more sellers in action.
Overall, Bitcoin’s struggle to break past $67,000 reflects a cautious sentiment in the cryptocurrency market, despite optimistic long-term price projections. As institutional interest continues to grow and regulatory developments shape the industry, the future outlook for Bitcoin and other cryptocurrencies remains uncertain yet promising.