In Q2 2024, Bitcoin’s performance lagged behind stocks and bonds, losing about 5% from April to mid-June. Despite hitting a high of $73,798 in March, it struggled to rally.
Analysts attribute this to waning hype around US Bitcoin ETFs, with inflow of new funds slowing down. Bitcoin ETFs, which drew over $15 billion, were once highly sought after on Wall Street but now see reduced net flows compared to previous years.
Additionally, Bitcoin miners have been selling their holdings due to lower profitability after the April halving. This increased market pressure further hindered Bitcoin’s performance.
Nonetheless, some analysts remain optimistic, predicting year-end prices between $91,539 and $100,000, with long-term targets as high as $3.8 million. The strategic importance of Bitcoin remains significant, despite short-term setbacks.
