Veteran Trader Peter Brandt Unfazed by BTC Slide, Projects $200K in Next Cycle

Robert Kiyosaki, the author of 'Rich Dad, Poor Dad' and a prominent Bitcoin advocate, has sold his Bitcoin holdings at a price of $90,000. This sale comes shortly after he predicted that Bitcoin would reach a price target of $250,000 by 2026.

Analysts have stated that recent outflows from Bitcoin exchange-traded funds (ETFs) are a result of tactical rebalancing rather than a sign of institutional flight. They emphasize that these outflows reflect short-term price movements and do not indicate a decrease in institutional demand or structural issues within the Bitcoin market.

Bitcoin has dropped to $81,000 after losing the $85,000 support level, marking its lowest point since early spring. The market sentiment has shifted from caution to panic, with many traders predicting a bear market. The Realized P/L metric for short-term holders has turned negative for the first time this cycle, indicating widespread loss realization among investors.

Bitcoin is currently trading just above $83,000, amid a wave of liquidations totaling approximately $2 billion. This decline has been accompanied by significant outflows from spot exchange-traded funds (ETFs), indicating a challenging environment for major cryptocurrencies like BTC, ETH, XRP, and SOL.

Bitcoin's recent decline to $80,000 has surprised traders, but historical data from 105 indicators indicates that this market downturn may set the stage for a longer-term rally towards new highs. Analysts are cautiously optimistic about a potential positive outcome for BTC by year-end.

The cryptocurrency market is experiencing a significant downturn, with Bitcoin's price dropping from its all-time high of $126,000 to around $83,000. This decline reflects a broader bearish trend affecting key market metrics, indicating potential further downside for BTC. Analysts are closely monitoring these developments as they unfold.

Japanese bitcoin treasury firms are outperforming their U.S. counterparts, largely due to Japan's stringent crypto tax policies that drive investors towards Digital Asset Trust (DAT) stocks. This situation contrasts with U.S.-listed bitcoin treasury firms, which are struggling to compete with exchange-traded funds (ETFs).

Rep. Warren Davidson has introduced legislation that permits federal tax payments in Bitcoin (BTC) without incurring capital gains taxes. This initiative aims to enhance the U.S. Strategic Bitcoin Reserve, promoting the use of cryptocurrency in federal financial operations.