- Analyst Benjamin Cowen noted Bitcoin‘s current price near $60,326 mirrors its June/July 2018 level, stating “simulation confirmed.”
- CryptoQuant CEO Ki Young Ju reported Bitcoin’s capital efficiency has collapsed, now requiring $101.1 billion in net inflows to double its price.
- 10x Research analysis indicates Bitcoin’s Elliott Wave count points toward a decline to the $50,000 level.
- Bitcoin ETFs recorded their largest monthly outflows since launch in June, according to Ecoinometrics data.
Bitcoin faces mounting bearish pressure this week as multiple analysts highlight concerning signals, including record ETF outflows and a stark drop in capital efficiency, even as the long-term bull case remains a possibility. Consequently, the cryptocurrency traded around $60,326 on July 1, a level analyst Benjamin Cowen compared to its $5,700 price in mid-2018.
CryptoQuant CEO Ki Young Ju detailed the declining efficiency on X, showing the current cycle requires vastly more capital for price gains. He stated a parabolic cycle would likely need trillions in institutional inflows. Meanwhile, Ecoinometrics said June saw the largest ETF outflows since launch, with its model projecting continued net outflows.
Separately, 10x Research analysis found its Elliott Wave count is Bitcoin’s price on July 1 was $60,024, sitting near the bottom of its yearly range.
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