Historic Bull Cycle: Analyst Predicts $330K for BTC!

A market analyst believes BTC's price will hit $330K in the currency bull cycle.

Danielle du Toit
July 12, 2024

Here's what we've got for you today:

Analyst Sees Bitcoin Hitting $330,000 in Current Bull Cycle
Germany has 9K Bitcoin Left Just 3 Weeks After it Started Selling
Federal Judge Questions Coinbase’s Probe into SEC Chair’s Communications
Spot Bitcoin ETFs Log $79 Million in Net Inflows, Reaching Fifth Consecutive Day of Positive Flows

The analyst’s prediction is based on BTC’s stellar performance during previous bull cycles in 2012, 2016 and 2020.

The market analyst predicts a massive rebound in Bitcoin’s price to $330,000 in the current bull cycle, despite the recent dip in the crypto king’s price.
Bitcoin’s previous bull cycles saw explosive growth, with price increases of 9,000% in 2012, 3,000% in 2016, and 1,200% in 2020.
The analyst acknowledges that Bitcoin returns diminish by about 60% in each consecutive cycle. This implies a 450% increase this cycle, which would place Bitcoin at approximately $330,000 per coin.

The German government’s Bitcoin wallet is down to 9,094 Bitcoin , just 18% of what it started with.

The German Government’s wallet has transferred billions worth of Bitcoin since Jun. 19.
On Jul. 11, the wallet briefly dipped below 5,000 BTC after transferring 10,620 BTC to various trading platforms and addresses, but shortly after the transfers, some of the Bitcoin was sent back to the German government’s wallet.
German lawmaker and Bitcoin activist Joana Cotar criticized the mass sell-off, and suggested that the Bitcoin could have been used as a "strategic reserve currency" to shield against the risks in the traditional financial system.

During a hearing on Jul. 11, Coinbase's legal team argued that they should be allowed access to data from Gary Gensler's personal devices.

The SEC's attorneys asked Judge Katherine Polk Failla to dismiss the subpoena targeting Gensler, arguing he is neither a fact witness nor an expert witness relevant to the case against Coinbase.
While being sceptic about Coinbase’s demands, Judge Failla agreed to hear their arguments, but voiced her concerns about the extensive inquiry into Gensler's statements before he became Chair.
The subpoena seeks access to Gensler’s personal devices, and is part of the discovery process in the SEC’s enforcement action against Coinbase that started in June of 2023. Both parties now have to submit detailed letters to the court by Jul. 15.

The 11 spot Bitcoin ETFs in the U.S. reported almost $79 million in net inflows on Thursday.

BlackRock’s IBIT recorded the highest net inflows of $72.09 million and was the most traded Bitcoin ETF on Wednesday with a volume of $725.61 million.
Fidelity’s FBTC saw net inflows of $32.69 million, Bitwise’s spot Bitcoin fund drew in $7.53 million, and Ark Invest and 21Shares’ ETF added $4.31 million.
Six other funds, including VanEck’s HODL, reported zero net inflows on Thursday.

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