The distribution of Bitcoin from long-term holders to new ETF holders is hindering the cryptocurrency's ability to break through the $70,000 barrier, according to Gert van Lagen. Van Lagen noticed in May that this process was already underway, based on on-chain data that showed a turnover in coins held for more than a year. He has previously noted that such distributions often result in parabolic price increases, followed by prolonged bear markets.

Despite its struggles to break through the $70,000 mark, many believe that the current bull run is still in its early stages. Mike Novogratz, CEO of Galaxy Digital, has predicted that Bitcoin could reach $100,000 by the end of the year if it can overcome the significant resistance level of $73,000 soon. Tom Lee, co-founder of Fundstrat, and Peter Brandt, a well-known commodity trader, have also predicted that Bitcoin could reach $150,000 during this cycle.

Meanwhile, U.S.-based spot exchange-traded funds (ETFs) have experienced 19 consecutive days of inflows, with the second-largest inflow on record ($880 million) occurring on a recent Tuesday. Despite their volatile performance, leading analyst Eric Balchunas has praised the resilience of Bitcoin ETFs. However, following the release of the U.S. jobs report, which showed a higher-than-expected increase in jobs added in May, the price of Bitcoin dropped. This robust labor market may discourage the U.S. Federal Reserve from implementing rate cuts, which could have a negative impact on risky assets like Bitcoin.

The fact that long-term holders are selling their Bitcoins to new investors may indicate a lack of confidence in the cryptocurrency's future value. This could be a sign that the current bull run is losing steam, and that the price of Bitcoin may not reach the predicted highs. However, many analysts believe that the fundamentals of Bitcoin are still strong, and that the current correction is just a temporary setback.

The price of Bitcoin is heavily influenced by market sentiment, and any negative news or data can cause a significant drop in value. However, the resilience of Bitcoin ETFs and the continued inflows into the market suggest that there is still a strong demand for the cryptocurrency. As the market continues to evolve, it remains to be seen whether Bitcoin will be able to break through the $70,000 barrier and reach new highs.