Bitcoin bull run ‘might actually be over’ as Wyckoff pattern points to $86K

Veteran trader Peter Brandt remains optimistic despite Bitcoin's recent price decline, projecting that BTC could reach $200,000 in the next market cycle. Brandt views the current downturn as a necessary correction, suggesting that it may pave the way for future growth in the cryptocurrency market.

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.

Strategy's stock price has sharply declined alongside Bitcoin, marking one of its worst drawdowns since adopting a Bitcoin treasury strategy in 2020. The company's significant exposure to Bitcoin has raised concerns among investors as the cryptocurrency's value continues to fluctuate.

Federal prosecutors have secured a conviction against the founder of a cryptocurrency mining operation for his involvement in a multimillion-dollar fraud scheme. The U.S. Attorney’s Office in Texas announced the verdict, highlighting the case's significance in combating financial crimes within the cryptocurrency sector.

The Bitcoin for America Act has been introduced by a US lawmaker, proposing a tax option for Bitcoin that aligns with 20-year Treasury rules. This initiative aims to provide a structured framework for Bitcoin taxation, potentially enhancing its legitimacy and integration into the financial system. The act reflects a growing recognition of cryptocurrency's role in the economy.

VanEck reports that the recent downturn in Bitcoin prices is primarily driven by mid-cycle wallets, while long-term holders, known as whales, continue to accumulate. The analysis indicates that the market is experiencing washed-out conditions, with futures data reflecting this trend.

Ripio, a cryptocurrency exchange, has announced the establishment of a $100 million crypto treasury, making it the second largest in Latin America. The treasury includes holdings in bitcoin and ether, which have been managed through trading and hedging strategies since 2017.