Bitcoin Analyst Reverses Bullish Prediction, Turns Bearish on Price
The analyst who accurately predicted Bitcoin's pre-halving rally to $70K has turned bearish on risk assets, including technology stocks and cryptocurrencies, citing concerns about unexpected and persistent inflation and rising bond yields. Flows into U.S.-listed spot BTC ETFs have dried up, and the 5-day average of net inflows into the spot ETFs has dropped to zero. The unexpected and persistent inflation, along with rising bond yields, has led to a sharp rise in the 10-year Treasury yield, denting the appeal of high-risk/high-return assets. The analyst expects a significant price correction for risk assets and notes that the hype surrounding Bitcoin's upcoming mining reward halving may fade, potentially leading to a market correction.