Bitcoin could set a new all-time high in 2028, an analyst said, while warning that the current cycle may first form a low. Analysts are citing $53,000 as a key buying zone. Trader Bob Loukas said the four-year cycle remains intact and the market is following patterns seen in past bull and bear markets. Traders remain cautious amid a lack of clear reversal signals and macroeconomic and geopolitical concerns.

Bhutan is accelerating sales of its bitcoin holdings, raising the prospect that its national reserves could be effectively depleted around September if the current pace continues. It recently sold an additional 100 BTC worth about $8.1 million. Arkham Intelligence estimates that if average monthly sales of about $50 million continue, Bhutan could exhaust its remaining holdings before the end of September. Bhutan has sold $230.39 million of bitcoin so far this year and has about $252 million left.