in the latest episode market reportCointelegraph analyst Marcel Pechman took an in-depth look at Bitcoin’s (BTC) latest rally to $25,000, which some analysts and influencers believe represents a short-term buying opportunity. Pechman explained that Bitcoin’s negative correlation with the U.S. dollar index has only maintained 40% over the past 20 months, meaning it may not be a good indicator for predicting price movements.
The show then turned focus to a recent report from Glassnode, which showed BTC changing hands at its lowest level since October 2020, citing investor “apathy” and “exhaustion.” Pageman believes bulls are fed up after the SEC’s relentless actions against Coinbase and Binance. Ultimately, Pechman disagrees with the opportunity that Bitcoin’s recent rise to $25,000 presents for buyers, as the short-term risk-reward ratio around current price levels is about 50:50.
In the next part of the show, Pechman analyzes Bitcoin miner Canaan Vice President Davis Hui’s prediction that BTC will hit $100,000 in 2024 based on the halving and spot exchange-traded fund (ETF) approval. First, Pechman explained that BlackRock’s $10 trillion in assets is a mirage, as 55% of assets are trapped in fixed income investments, while $2.8 trillion is already invested in other ETFs such as commodities, the S&P 500 , global emerging markets and alternative investments.
In addition, Pechman also suggested that if the price of Bitcoin increases, current holders may decide to flip positions previously purchased for $60,000, $50,000, or even $40,000, which means that regardless of the motivation of miners, the offeror cannot predict. Finally, Pechman explained that a spot Bitcoin ETF has been a dream for the past eight years and that nothing has changed to refute the SEC’s grounds for rejection, namely stablecoin trading volume and unregulated offshore exchanges.
Check out the latest episode of Market Report, only available on Cointelegraph Markets and Research YouTube Channel.
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This article is for general information purposes only and is not intended to be, and should not be construed as, legal or investment advice. The views, thoughts, and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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