Bitcoin struggled to maintain its price near $67,000 as the overall crypto market remained stagnant. The leading cryptocurrency has been trading sideways after failing to sustain upward momentum earlier in the week. Investor confidence seems to be waning, as U.S.-listed spot bitcoin exchange-traded funds experienced $226 million in net outflows on Thursday. Among these funds, Fidelity’s FBTC saw the largest outflows, while BlackRock’s IBIT recorded minor inflows. Bitcoin’s price dropped by 1.3% over the past 24 hours, mirroring the broader crypto market’s nearly 1% decline, as indicated by the CoinDesk 20 Index (CD20).
In a bold prediction, brokerage company Bernstein forecasted that Bitcoin will reach $1 million within the next 10 years. The firm also set a target price of $200,000 for BTC by 2025 on its way to an estimated price of $1 million by 2033. Additionally, Bernstein initiated coverage for MicroStrategy, the largest corporate holder of bitcoin, giving it a price target of $2,890 per share with an outperform rating. This target implies a nearly 100% increase from the stock’s closing price of $1,480 on Thursday.
Former Goldman Sachs executive Connie Shoemaker has joined the board of directors at crypto custody firm Anchorage Digital. The company, which is the only crypto bank in the U.S. chartered by the Office of the Comptroller of the Currency (OCC), welcomed Shoemaker as part of its efforts to meet the growing 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, oversaw the expansion of Goldman Sachs Asset Management (GSAM) and later held the position of chief administrative officer.
The latest data from Velo Data revealed interesting trends in futures trading for the top 25 cryptocurrencies by market value. The chart displayed the seven-day change in open interest (OI)-adjusted cumulative volume delta (CVD), with TRX being the only coin to show a positive CVD. A positive CVD suggests an influx of new buyers into the market, while a negative print indicates a higher number of sellers.
Overall, the crypto market continues to face challenges, with Bitcoin struggling to break out of its current range. However, with bold price predictions and key industry developments, there is still optimism for the future of cryptocurrencies and blockchain technology. Investors will be closely watching for any signs of a potential market turnaround in the coming days.
