Gert van Lagen, expert trader, revealed the reason why the price of bitcoin could not stay above USD 70K and reach a new ATH. According to the trader, the fact that long-term Bitcoin holders distribute their assets among the new ETFs is the main reason.
In mid-May, van Lagen noted that the distribution from long-term to short-term Bitcoin holders was already in “full swing.” This assumption is based on recent on-chain data showing the turnaround in coins held longer than 12 months.
However, even though Bitcoin price fails to gain a foothold above the $70,000 level, the consensus seems to be that the current bull run is far from over.
Both Tom Lee, co-founder of Fundstrat, and Peter Brandt, a prominent commodities trader, believe that the price of Bitcoin could reach a high of $150,000 during this cycle. #BTC $BTC #CBDC #Binance
