Summary
Bitcoin reached a new all-time high earlier this month but is now struggling to break above $69,000. Grayscale selling coins and uncertainty about the impact of the upcoming halving have pushed the price down to $64,415. Ethereum has also dropped to $3,342. Meme coins like Pepe, Dogwifhat, and Bonk have seen significant losses. Despite the market pessimism, some analysts are confident in long-term growth predictions for Bitcoin and Ethereum.
Key Points
1. Bitcoin is struggling to break above its longstanding top of $69,000 set in November 2021 due to Grayscale selling coins and uncertainty about the impact of the upcoming halving.
2. Ethereum has dropped 10% over the week and is now worth $3,342, following news of a “voluntary enquiry from a state authority that included a requirement for confidentiality.”
3. Despite the current market pessimism, reputable analysts are still confident in the long-term potential of cryptocurrencies, with forecasts of Bitcoin hitting $90,000 by the end of the year and Ethereum potentially reaching $8,000 by the end of this year and $14,000 by the end of 2025.