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28 July 2021

The Dip Before The Run: Why We’re Headed For $250,000 Bitcoin

The Dip Before The Run: Why We’re Headed For $250,000 Bitcoin

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Investment funds holding bitcoin, Powell admitting inflation may be higher than expected, and more in this edition of Last Week In Bitcoin.

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

In my opinion, we are looking at a delayed performance compared to the last bull cycle and although I firmly believe bitcoin is about to breakout, we could see this entire scenario play out over the next six to eight months, instead of a lot sooner as many would hope.

As covered earlier this week, Switzerland’s BBVA, one of the largest banks in the world, plans to open up bitcoin trading to its private customers, a move that may pave way for further adoption globally and bring some reassurance to those who are still hesitant to jump onboard the bitcoin bandwagon.

Although it may seem bullish, more and more institutional investors are investing in bitcoin and firms that offer bitcoin-related services such as mining, wallets etc.

More and more firms are being forced to shut down operations and it will affect bitcoin mining in the short term as they either relocate, or more mining initiatives go online in other parts of the world.

The sooner more respectable institutions and individuals can spread the true effect bitcoin mining has on the environment and how much mining is done through renewable energy sources, the better.

Finally, calls that bitcoin is experiencing a death cross is, in my opinion, nothing more than FUD and as the chart above shows, bitcoin has much more positive growth left in it for the remainder of the year.

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