It’s increasingly beginning to look like bears may be getting the upper hand in the cryptoverse. Bitcoin (BTC-USD) and Ethereum (ETH-USD), the two most widely tracked cryptocurrencies globally, are down by 10% and 4%, respectively, over the past month.
A Worrying Sign
The downturn in Ethereum appears more worrying as it comes despite chatter of easing regulatory challenges for the blockchain system. This week, ETH developer Consensys noted that the SEC’s enforcement arm is winding down its probe into Ethereum 2.0. The SEC’s action comes after it recently cleared the way for ETH ETFs to enter the markets.
MSTR Gobbles Up More BTC
Meanwhile, MicroStrategy’s (NASDAQ:MSTR) love affair with Bitcoin continues. The Michael Saylor-led company bought 11,931 Bitcoins worth $786 million between April 27 and June 19. The purchase takes MSTR’s total crypto hoard to 226,331 BTC. On average, MSTR has acquired its Bitcoins at $36,798 apiece.
And that makes a recent forecast from Berstein analyst Gautam Chhugani extremely interesting. Chhugani expects BTC’s price to rise to $200,000 by 2025 and to reach a million dollars by 2033. In comparison, BTC is currently changing hands at around $63,600. If the prediction does come true, MSTR’s BTC hoard could be valued at roughly $226 billion. In comparison, MSTR’s market capitalization currently stands at around $25 billion. Remember, MSTR shares have already rallied by nearly 367% over the past year.
Is BTC Bullish or Bearish?
For now, though, the TipRanks Technical Analysis tool is flashing a Neutral signal on Bitcoin. This indicates a wait-and-watch approach may be warranted before initiating new long positions.
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