Bitcoin’s (BTC) Wednesday recovery came to a grinding halt as bears crashed the party. The flagship cryptocurrency traded above $114,000 on Wednesday but lost momentum early on Thursday, briefly slipping below $111,000 before rebounding to reclaim $111,000 and move to its current level of $111,450. Analysts believe the latest selloff is driven by profit-taking, rising Bitcoin dominance, and negative crypto-equity correlations. BTC is down nearly 2% over the past 24 hours. Bitcoin ETFs Register Substantial Outflows Bitcoin and Ethereum ETFs registered a combined outflow of $244 million on September 23, the second consecutive day of substantial investor withdrawals. Investors are repositioning themselves after the Federal Reserve rate cut and upcoming inflation data. According to data from SoSoValue, spot Bitcoin ETFs saw $103 million in outflows, while Ethereum ETFs saw $140 million in redemptions. Fidelity’s FBTC led the outflows among Bitcoin ETFs with $76 million, followed by ARK 21Shares ARKB, which registered outflows of $27.9 million. Meanwhile, Grayscale’s GBTC, VanEck’s HODL, and Valkyrie’s BRRR registered no substantial net flows. Brain Armstrong Predicts Bitcoin (BTC) Will Soar To $1 Million In 2030 Coinbase CEO Brian Armstrong has predicted that Bitcoin (BTC) could surge to $1 million in 2030. Armstrong cited clear government rules, demand from large institutions, and governments, particularly the US government, buying Bitcoin as key drivers of this extraordinary surge. The Coinbase CEO stated, “There's a good chance that Bitcoin could reach $1 million per coin by 2030. Regulatory clarity, the U.S. government beginning to hold Bitcoin, and a significant influx of institutional investment through Bitcoin ETFs could be massive drivers of demand.” Armstrong called Bitcoin a hybrid between stocks and gold because it can be used as a hedge against economic uncertainty and also as an investment asset. He also credited President Trump and hailed the GENIUS Act for creating stablecoin regulation and pushing crypto policy forward. He also discussed the bipartisan effort to create unified market structure rules for Bitcoin and Ethereum. “This freight train has left the station. There are people on both sides of the aisle in the Senate eager to get this legislation put on the books.” Bitcoin (BTC) Price Analysis Bitcoin (BTC)’s recovery has stalled yet again after bulls lost momentum after reaching an intraday high of $113,999 on Wednesday. The flagship cryptocurrency has struggled to regain momentum after Monday’s crash. The price fell 0.64% on Tuesday before recovering on Wednesday to reclaim $113,000 and settle at $113,348. However, selling pressure has returned during the ongoing session, with the price down almost 2%. BTC is dangerously close to key support levels, and could drop to $107,000 if sellers drive it below the $110,000 mark. The price has teased new local lows in recent sessions, with sellers slowly gaining the upper hand. Crypto investor Ted Pillows stated in his analysis on X, “ BTC usually bottoms in September. In just 2 days, $17,500,000,000 in Bitcoin options will expire with a max pain at $107,000. Historically, BTC moves towards max pain during such huge expirations. I think there's still a big leg down left before reversal.” Bitcoin trader BitBull compared the current scenario with the situation earlier in the bull market, stating, “ BTC is doing exactly what it did in Q1 2024. The long-term trend is still to the upside, but we may get some corrections. I wouldn't be surprised if Bitcoin retests $103,000-$105,000 level before reversal.” Analytics platform Glassnode believes that BTC has entered a “historically late phase” of its bull market cycle, with profit-taking metrics and capital flows mirroring previous market tops. According to Glassnode data, BTC’s current cycle is similar to the 2015–2018 and 2018–2022 runs, where the price reached an all-time high two to three months after the present relative stage. Glassnode also highlighted that BTC’s circulating supply has spent 273 days above the +1 standard deviation profit band. Long-term holders have also realized more profits than in all but one past cycle, indicating that sell-side pressure is mounting. Glassnode noted in its weekly report, “These signals reinforce the view that the current cycle is firmly in its historically late phase.” BTC ended the previous weekend in the red, dropping 0.56% and settling at $115,314. The price faced volatility on Monday as buyers and sellers struggled to establish control. Buyers ultimately gained the upper hand as BTC registered a marginal increase and settled at $115,381. Bullish sentiment intensified on Tuesday as the price rose 1.26% to cross $116,000 and settle at $116,832. Selling pressure returned on Wednesday as BTC fell to an intraday low of $114,724. It recovered from this level to settle at $116,484, ultimately dropping 0.30%. BTC reached an intraday high of $117,998 on Thursday. However, it could not stay at this level and settled at $117,117. The price lost momentum on Friday, dropping 1.22% to $115,690. Source: TradingView Price action was mixed over the weekend, with BTC registering a marginal increase on Saturday. However, it was back in the red on Sunday, dropping 0.41% to $115,282. The flagship cryptocurrency plunged to an intraday low of $111,761 on Monday as bearish sentiment intensified. It recovered from this level to reclaim $112,000 and settle at $112,736. Buyers attempted a recovery on Tuesday as BTC reached an intraday high of $113,357. However, it failed to stay at this level and settled at $112,017, ultimately dropping 0.64%. The price fell to an intraday low of $111,066 on Wednesday as selling pressure intensified. Despite the bearish sentiment, it recovered to register a 1.19% increase and settle at $113,348. Selling pressure has intensified during the ongoing session, with BTC down nearly 2%, trading around $111,178. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
