Alphractal highlights that while Bitcoin ETFs once brought significant expectations, they haven’t substantially boosted Bitcoin’s long-term growth. Even with over 1 million BTC accumulated in 2022, prices did not see a significant surge. They argue substantial growth only happens when institutional investors heavily intervene in the market.

Alphractal observes the market’s overly optimistic sentiment, projecting Bitcoin to reach 130,000 USD to 150,000 USD. The company suggests the market requires cooling off after recent strong rallies for a solid foundation. They also note whale investors are not defending crucial price levels as before, raising questions about current price sustainability.