Bitcoin (BTC) prices have now dipped below $ 103,000 after a 1.17% decline over the past 24 hours. Virgin Cryptocurrency continues to witness a significant market correction since he reached a new highest time of $ 111 970 on May 22. Despite the ongoing decline, BTC remains an outstanding artist in the current crypto market cycle with over 600% price gains since the FTX-inspired market crash in November 2022.
Interestingly, Miles Deutscher, a prominent crypto analyst, has appeared in one of the assets of the asset’s most prominent haus -like drive factors and highlights the positive and negative potentials.
Strategy, others: Bitcoin’s biggest allies and risk, says Deutscher
In one X post On June 21, Miles Deutscher shared an interesting time on the potential for Bitcoin Treasury companies in the market. For context, a Bitcoin Treasury Company refers to all companies with BTC holding in their balance sheet. In the same way as retail investors, these companies have chosen to acquire BTC as reserve assets and long -term investments as opposed to traditional assets such as gold, cash or bonds.
According to Data from CoyteckoThere are 34 listed Bitcoin Treasury companies with a total holding of 724, 612 BTC. These companies include names such as Tesla Inc., MetaPlanet Inc., Marathon Digital Holdings, and most prominent Micro Strategy Inc. (Strategy), which Singulary owns 576,230 BTC representing over 2% of the market supply.
Generally speaking, the advent of Bitcoin Treasury company has been a resounding scornful development such as Heralding Institutional Investment in Bitcoin together with the Spot ETF markets. Miles Deutscher postulates that the increasing public recognition of BTC’s investment potential of mainstream companies would serve as a contributing factor to the asset’s stories with potential goals set as high as $ 200,000.
However, the famous market analyst also highlights the potential risk that these Bitcoin Treasury companies constitute as negative catalysts. Because of their administrative responsibility, he warns of a possible scenario where forced sales may occur during a bear market or a broader economic decline.
According to Miles Deutscher, the real threat may not be the actual impact, but rather the foremost of smart-money investors who predict the turnaround. He notes that this dynamics could extend to the site Bitcoin ETF, which has already attracted Over $ 46.66 billion in inflows. In a risk-off environment, institutional investors can trigger significant outflows and compose the disadvantage of the market.
BTC Price overview
At the time of writing, Bitcoin traded at $ 102,843 and reflected a reduction of 1.85% over the past week. Following this price, investors’ attention will turn to $ 100,000 psychological support zone, which breaks below which would trigger the heavy market liquidations.
Image from Reuters, charts from TradingView
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