Bitcoin Trades Near 64,000 Dollars as Analysts Debate a Path to 300,000

Bitcoin was trading around 64,000 dollars in early July after a difficult first half. It began the year above 93,000 dollars and fell to near 60,000 in late June, pressured by rising interest rates, weaker investor sentiment and sustained outflows from exchange-traded funds (ETFs) that hold the asset.

Against that backdrop, CoinDesk examined analyst forecasts calling for 300,000 to 500,000 dollars by 2029 and argued the arithmetic does not support them. The core point is one of scale. Each successive rally requires progressively larger inflows of new capital to move a much bigger asset, and the marginal buyer needed to sustain earlier percentage gains becomes harder to find as the market matures. The piece concludes that the period of repeated outsized returns may be ending, even if the long-term thesis holds.

The near-term weakness has a clear macro cause. As documented in daily price coverage from Fortune, higher rates raise the opportunity cost of holding an asset that yields nothing, and large ETF redemptions have removed a marginal source of demand that drove the previous advance.

The sound-money case for bitcoin is based on its fixed supply, and that case is unchanged by price. What the current period tests is a different claim, that a scarce asset must always command a rising price. Scarcity sets the supply, but demand and the cost of money set the price, and both have turned against the asset this year.