Maple’s CEO Forecasts Bitcoin’s Further Rise Before 2025; Assures People Need Not “Panic”

Bitcoin holders remain highly optimistic despite the cryptocurrency’s recent sideways movement and repeated rejections at the $70,000 mark. On-chain data reveals that more than 50% of Bitcoin’s supply remains inactive, indicating a strong long-term belief in the digital asset. This has prompted discussions about the current cycle’s implications, with Maple’s CEO and Co-Founder, Sidney Powell, joining analyst Scott Melker to provide insights.

According to Scott, there is little of significance occurring in the market. Bitcoin’s supply remains inactive and is not readily available on exchanges. However, there are still substantial inflows, with $105 million entering exchange-traded funds (ETFs) just yesterday. Despite the lack of rapid price movement, there is a prevailing bullish sentiment behind the scenes. The price seems reluctant to drop as much as it is unwilling to rise.

Adding to the conversation, Sidney views the current sideways market as a normal part of the cryptocurrency cycle. He anticipates that there may be another upward movement before the year ends and is positioning himself accordingly. Based on lending market trends, this suggests that rates for borrowing against Bitcoin are expected to rise, similar to what happened in February and March of this year.

The CEO further remarked that one might expect people to grow bored and start selling, but Bitcoin continues to hover around the $70,000 mark. When he speaks to individuals at major asset management firms that oversee the ETFs, they consistently mention the strength of inflows. However, the market’s current state means that there will likely be a sudden surge in price followed by hindsight observations on how obvious the move was, despite it being unexpected at the time.

He stated, “In general, we are witnessing relatively low leverage compared to the previous cycle, so there is no need for panic just yet.”

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