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▲ Bitcoin (BTC), Wall Street/AI generated image
While Bitcoin (Bitcoin, BTC) remains in bearish territory, long-term bullish theories are resurfacing in Wall Street and traditional financial sectors. Oversold conditions, institutional adoption, and tokenization trends have emerged as more significant variables than the 4-year cycle theory.
The cryptocurrency-specialized YouTube channel Altcoin Daily claimed in a video uploaded on June 28 (local time) that the basis for a $200,000 Bitcoin forecast has become stronger. The video pointed out that while stock investors are expecting an additional 10-20% return this year, larger asymmetric opportunities remain in the cryptocurrency market.
Katie Stockton of Fairlead Strategies cautioned against Bitcoin's 4-year cycle theory. She stated, “I am a long-term Bitcoin bull, but I don't agree with the 4-year cycle theory.” She added, “There aren't enough cases to be sufficiently convinced.”
Stockton analyzed that Bitcoin has entered a long-term oversold zone. She viewed the area around $60,000 and the key Fibonacci retracement line as important support zones. However, she stated that as the support line is being strongly tested, a stabilization trend needs to be confirmed for 2-3 weeks.
Adam Back presented the 200-week moving average as a key rationale. He diagnosed that the 200-week moving average has risen to $62,000, and Bitcoin is in a relatively cheap zone. Factors supporting the bullish argument included a decrease in exchange holdings, a rise in Bitcoin dominance, and concentrated institutional adoption.
Tom Lee argued that cryptocurrencies could be re-evaluated as a sub-growth story of Artificial Intelligence (AI). BlackRock's and Franklin Templeton's tokenization trends were also mentioned in the same context. BlackRock Chief Investment Officer Rick Rieder stated, “Bitcoin will ultimately go much higher.”
*Disclaimer: This article is for investment reference purposes only, and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*
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