Is the Stage Set for a Major Rise in Bitcoin? Swiss Giant Bank Announced!

As Bitcoin (BTC) gradually approaches its previous ATH of $111,000, the overall uptrend is expected to continue. At this point, one of those who expected the rise to continue was the giant Swiss bank Sygnum Bank. Accordingly, Sygnum Bank noted in its June report that institutional interest in Bitcoin is increasing. Bitcoin’s circulating supply is shrinking rapidly, paving the way for potential price increases as demand continues to rise, banking analysts said. It was stated that the main reason for the decrease in supply is the increasing institutional demand and the expansion of Bitcoin acquisition vehicles such as ETFs and corporate treasury strategies. Noting that since late 2023, Bitcoin balances on exchanges have decreased by approximately 1 million BTC, analysts argued that this situation is considered positive for the BTC price. “Over the past 18 months, Bitcoin’s liquidity has decreased by 30% due to expanding institutional adoption and the emergence of investment products. Bitcoin’s rapidly shrinking liquid supply creates the conditions for demand shocks and upward volatility.” The giant bank also said that Bitcoin statements made by global government organizations also strengthened the outlook. Recently, three US states passed bills allowing for strategic Bitcoin reserves, while a few countries, such as Pakistan, have also announced that they are considering BTC reserves. At this point, Sygnum said, “Official purchases have not started yet, even the news has a positive effect on BTC. If purchases start, it will be a very important catalyst for price increase as well as increasing demand.” Sygnum analysts recently stated that they expect more upside in Bitcoin, saying, “In the past, Bitcoin carried a greater downside risk, but now the upside potential is stronger.” *This is not investment advice. Continue Reading: Is the Stage Set for a Major Rise in Bitcoin? Swiss Giant Bank Announced!

Source: BitcoinSistemi