Bitcoin May Rebound if Long-Term Holders Stop Selling, Bloomberg ETF Analyst Balchunas Says
Summary
- Eric Balchunas said Bitcoin (BTC) may be poised for a rebound if selling by long-term holders comes to a halt.
- He said Bitcoin has risen 8% since July 4 and that spot Bitcoin ETFs saw net inflows of $750 million over the past week.
- He added that while it is hard to say with confidence that this rise is a true rebound, it is also difficult to argue that Bitcoin will not eventually recover.
Forecast Trend Report by Period
Eric Balchunas, a Bloomberg ETF analyst, said Bitcoin may be poised for a rebound if long-term holders stop selling.
In a post on X on July 22, Balchunas wrote that early holders had put a damper on Bitcoin's price gains over the past nine months. If they refrain from selling and stay on the sidelines, Bitcoin would be more likely to rebound.
Bitcoin has climbed 8% since July 4, the U.S. Independence Day holiday, outperforming other major assets, he said. Spot Bitcoin ETFs also posted $750 million in net inflows over the past week.
Balchunas added that it is hard to say with confidence whether the latest gain marks a true rebound. Even so, he said, it is also difficult to argue that Bitcoin will not eventually recover.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.