The Grayscale Bitcoin Trust (GBTC) is traded at a significant premium price, which estimates a Bitcoin at nearly $ 15,000. Crypt-enthusiasts argue that this indicates that Cryptomonda’s price will increase in the coming period.
Recent Grayscale data placed Bitcoin at $ 14,640 on June 24th. It represents a premium of about 30% and has even reached 40% at a time. This evolution suggests that Bitcoin’s upward trend will continue.
Proof of FOMO?
GBTC has become a benchmark for institutional investors’ appetite for Bitcoin. These high values of the index led analysts to declare the final return of the cryptomonas on ascending trend.
Evolution correlates with a popular theory that institutions will enter the crypto market because of FOMO – the fear of missing the opportunity. Analysts such as Tom Lee at Fundstrat Global Advisors have argued that overtaking $ 10,000 will trigger this phenomenon.
In just 24 hours, Bitcoin has grown over $ 11,000 and has since attempted to reach $ 11,500.
After two unsuccessful attempts, BTC reached $ 12,936 on the morning of June 26.
Alex Kruger: Possible correction in mid-July
Analyst Alex Kruger argued that at the current pace, Bitcoin will see a price correction in mid-July. On average, this correction was around 12.5%, which means that as of July 13, the price may fall below $ 10,000.
A decline in mid-July to August would be in line with Bitcoin’s historical trends.
Spring crypt has arrived
Even with these possible corrections, Barry Silbert, founder of Grayscale, points out that cryptomonas evolution is very good this year. In an interview with Bloomberg, Silbert said:
“I went through a rollercoaster; the price has fallen by 80% fourfold, but each time it has returned and reached record levels. If we look at the evolution of the Bitcoin price, it is clear that we come out of the winter crypto and that we enter the spring. “