Tag: aggressive deleveraging underscores

Bitcoin – Why a ‘potential move towards $150K’ is still possible

The post Bitcoin Why a ‘potential move towards $150K’ is still possible appeared com. Key Takeaways How is Bitcoin’s price doing on the charts? At the time of writing, the cryptocurrency was valued at just over $111k, after falling by over 9% in less than a week. What does 21Shares’ Matt Mena think about Bitcoin? Matt Mena believes that structural demand, driven by ETF inflows and a more dovish policy outlook, will provide a floor to Bitcoin’s price. Bitcoin [BTC], after soaring to a historic peak of $126,000, is now facing a pretty challenging stretch. At the time of writing, it was trading at $111, 148. 07, down 0. 9% over the last 24 hours and 9. 43% over the past week. Matt Mena’s optimistic outlook for Bitcoin Despite this dip and the wavering investor confidence, Matt Mena, Crypto Research Strategist at 21Shares, is a believer in Bitcoin’s enduring resilience. Recently, he highlighted the same in the face of broader market dynamics as the year draws to a close. Mena said, “Overall, Bitcoin’s resilience amid macro crosscurrents and aggressive deleveraging underscores how structural demand anchored by ETF inflows and a more dovish policy outlook continues to provide a floor.” He added, “With leverage flushed, policy easing approaching, and structural demand accelerating, the setup into year-end appears increasingly constructive for digital assets setting the stage for a potential move toward $150K Bitcoin as macro tailwinds and institutional flows continue to align.” What motivated these remarks? His comments came on the back of markets recovering after Fed Chair Jerome Powell signaled potential rate cuts and a pause in balance sheet runoffs, with Futures pricing in roughly two cuts by year-end at 95% certainty, according to CME FedWatch. The comments stabilized risk assets, with the S&P 500 rising near $6,650 and Bitcoin holding above $110,000. The rebound followed a $19 billion crypto de-leveraging event last week. It triggered.