2023-9-1 14:00 |
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 RunThe 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.
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 PriceAs 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.
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.
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