Bitcoin's Sideways Channel: A Sign of Diminishing Investor Confidence?

Bitcoin's sideways channel and diminishing investor confidence are signs of a stagnant crypto market. However, Bernstein's $1 million Bitcoin forecast and Anchorage Digital's expansion plans offer a glimmer of hope for the industry.

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Bitcoin’s Sideways Channel: A Sign of Diminishing Investor Confidence?

The crypto market has been stuck in a sideways channel, with Bitcoin wavering near $67,000 early Friday. This stagnation comes after previous attempts at rallies earlier this week fizzled out. The lack of momentum is a sign of diminishing investor confidence, as evidenced by the $226 million of net outflows from U.S.-listed spot bitcoin exchange-traded funds on Thursday.

Bitcoin’s sideways channel

Fidelity’s FBTC led the outflows, while BlackRock’s IBIT recorded minor, albeit positive, inflows. Over the past 24 hours, BTC declined 1.3%, while the broader crypto market was also down nearly 1%, as measured by the CoinDesk 20 Index (CD20).

A Glimmer of Hope: Bernstein’s $1 Million Bitcoin Forecast

Brokerage company Bernstein has set a massive price target for MicroStrategy, forecasting that Bitcoin will hit $1 million within 10 years. The firm believes BTC could reach a cycle-high of $200,000 by 2025 en route to the 2033 forecast. This optimistic outlook is a welcome respite from the current market stagnation.

MicroStrategy’s ambitious plans

Anchorage Digital Expands Board with Former Goldman Sachs Executive

Former Goldman Sachs executive Connie Shoemaker has joined the board of directors of crypto custody firm Anchorage Digital. This move is part of the company’s effort to meet rising institutional demand for safe, secure, and federally regulated digital asset infrastructure.

Anchorage Digital’s expansion plans