Here’s What Bitcoin Price The Bull Market Will Start According To This Analyst
01 Setembro 2023 - 8:00AM
NEWSBTC
The Bitcoin price has been experiencing a series of price
fluctuations for two years now. The cryptocurrency has been on a
bullish threshold multiple times but has failed to hold a bullish
momentum for long. Nevertheless, a Bloomberg analyst has
predicted an unfeigned bull run for BTC, but the potential uptrend
comes with certain factors and conditions. Investors Prepare For
Possible Bitcoin Bull Run The slow growth of Bitcoin price has left
investors and crypto enthusiasts hoping for a potential bull run
since its crash in 2022, which saw the cryptocurrency dropping from
$46,000 to below $20,000. The morale of the crypto space has been
uplifted, however, following a forecast made by Senior Macro
Strategist at Bloomberg Intelligence, Mike McGlone, who proposes a
potential bull run for Bitcoin. Related Reading: Bitcoin Price
Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings In
an X (formerly Twitter) post, the senior analyst implies that if
the Bitcoin price rises above the $30,000 mark, investors should
expect a significant bull run similar to the uptrend recorded in
2020 when Bitcoin was at its all-time high. McGlone explained that
Bitcoin’s $30,000 is analogous to its $12,000 price mark in 2020,
just before its surge. To put this in perspective, in 2020, while
Bitcoin price was as low as $12,000, the cryptocurrency recorded
one of the highest surges in its history, and McGlone has equated
that price jump to the bullish momentum he foresees for Bitcoin if
it crosses the $30,000 price threshold. “Bitcoin $30,000 May Be New
$12,000, With Fed-Tightening Overhang,” McGlone said in the X post.
He also added that Bitcoin’s price may see substantial growth if
regulatory burdens are addressed and spot Bitcoin ETFs are
eventually approved. “The inevitable approval of
Bitcoin ETFs in the US is moving closer, but the elephant in the
room for all risk assets remains. The Fed is still tightening
despite the tilt toward economic contraction,” the analyst said.
Factors Hindering Bullish Momentum For The Bitcoin Price As the
crypto space keeps an eye out for more confirmation of a favorable
price reversal for Bitcoin, several factors could impede Bitcoin’s
expected growth trajectory. Industry experts have highlighted that
the increased adoption of the Bitcoin ETF following Grayscale’s
victory against the SEC could have a significant impact on the
price of Bitcoin. However, the United States Securities and
Exchange Commission (SEC) previously rejected applications for spot
Bitcoin ETFs by prominent financial service firms and crypto
exchanges in the industry. The SEC has also delayed
applications for Bitcoin ETF from renowned firms like Blackrock,
and WisdomTree even after Judges from the District of Columbia
Court of Appeals in the US were not in favor of the SEC’s rejection
of Grayscale’s Bitcoin ETF. Related Reading: Dogecoin And
Bitcoin Become Latest Additions To Robinhood Wallet Furthermore,
the SEC has also been aggressively suing many crypto exchanges,
including Binance and Coinbase. This lack of a proper regulatory
framework has affected the prices of cryptocurrencies, including
Bitcoin, so crypto investors are hesitant to invest in an exchange
facing multiple lawsuits and potential legal repercussions.
Bitcoin’s transaction volume has also taken a hit, plunging to
3-year lows. The transaction volume declined by a staggering 90%
previously cutting short a potential rally and positioning the
cryptocurrency at a bearish mark. Additionally, Bitcoin mining
which was once a lucrative crypto venture has also seen a
significant decline for participants. However, while the factors
hindering a Bitcoin price growth spurt are considerable, investors’
hopes still remain strong as they prepare for a price spike. BTC
price falls to $26,000 as interest wanes | Source: BTCUSD on
Tradingview.com Featured image from iStock, chart from
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