{"id":549723,"date":"2023-09-01T11:00:43","date_gmt":"2023-09-01T11:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=549723"},"modified":"2024-06-11T08:15:16","modified_gmt":"2024-06-11T08:15:16","slug":"bitcoin-price-bull-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-bull-market\/","title":{"rendered":"Here\u2019s What Bitcoin Price The Bull Market Will Start According To This Analyst"},"content":{"rendered":"

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.\u00a0<\/span><\/p>\n

Nevertheless, a Bloomberg analyst has predicted an unfeigned bull run for BTC, but the potential uptrend comes with certain factors and conditions.<\/span><\/p>\n

Investors Prepare For Possible Bitcoin Bull Run<\/h2>\n

The <\/span>slow growth of Bitcoin<\/span><\/a> 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.<\/span><\/p>\n

The morale of the <\/span>crypto space<\/span><\/a> has been uplifted, however, following a <\/span>forecast<\/span><\/a> made by Senior Macro Strategist at Bloomberg Intelligence, Mike McGlone, who proposes a potential bull run for Bitcoin.<\/span><\/p>\n

Related Reading: Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings<\/a><\/div>\n

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.<\/span><\/p>\n

McGlone explained that Bitcoin\u2019s $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.<\/span><\/p>\n

\u201cBitcoin $30,000 May Be New $12,000, With Fed-Tightening Overhang,\u201d McGlone said in the X post.<\/span><\/p>\n

He also added that Bitcoin’s price may see <\/span>substantial growth<\/span><\/a> if regulatory burdens are addressed and spot Bitcoin ETFs are eventually approved.\u00a0\u00a0<\/span><\/p>\n

\u201cThe 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,\u201d the analyst said.<\/span><\/p>\n

Factors Hindering Bullish Momentum For The Bitcoin Price<\/h2>\n

As the crypto space keeps an eye out for more confirmation of a favorable price reversal for Bitcoin, several factors could impede Bitcoin\u2019s expected growth trajectory.<\/span><\/p>\n

Industry experts have highlighted that the increased adoption of the Bitcoin ETF following <\/span>Grayscale\u2019s victory against the SEC <\/span><\/a>could have a significant impact on the price of Bitcoin. However, the United States Securities and Exchange Commission (SEC) previously rejected applications for <\/span>spot Bitcoin ETFs <\/span><\/a>by prominent financial service firms and crypto exchanges in the industry.\u00a0<\/span><\/p>\n

The SEC has also delayed applications<\/a> for Bitcoin ETF from renowned firms like <\/span>Blackrock<\/span><\/a>, and <\/span>WisdomTree<\/span><\/a> even after Judges from the District of Columbia Court of Appeals in the US were not in favor of the SEC\u2019s rejection of <\/span>Grayscale\u2019s Bitcoin ETF<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: Dogecoin And Bitcoin Become Latest Additions To Robinhood Wallet<\/a><\/div>\n

Furthermore, the SEC has also been aggressively suing many crypto exchanges, including <\/span>Binance and Coinbase.<\/span><\/a> 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.<\/span><\/p>\n

Bitcoin\u2019s transaction volume has also taken a hit, plunging to <\/span>3-year lows<\/span><\/a>. The transaction volume declined by a staggering 90% previously cutting short a potential rally and positioning the cryptocurrency at a bearish mark. Additionally, <\/span>Bitcoin mining<\/span><\/a> which was once a lucrative crypto venture has also seen a significant decline for participants.<\/span><\/p>\n

However, while the factors hindering a Bitcoin price growth spurt are considerable, investors’ hopes still remain strong as they prepare for a price spike.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price falls to $26,000 as interest wanes | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 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\u2019s $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. \u201cBitcoin $30,000 May Be New $12,000, With Fed-Tightening Overhang,\u201d 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.\u00a0\u00a0 \u201cThe 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,\u201d 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\u2019s expected growth trajectory. Industry experts have highlighted that the increased adoption of the Bitcoin ETF following Grayscale\u2019s 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.\u00a0 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\u2019s rejection of Grayscale\u2019s Bitcoin ETF.\u00a0 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\u2019s 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 Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":549724,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85533,656,679,1039,1119,89185,1122,1144,78790,5233],"class_list":["post-549723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-news","tag-bitcoin-price","tag-bloomberg","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-bull-run"],"acf":[],"yoast_head":"\nHere\u2019s What Bitcoin Price The Bull Market Will Start According To This Analyst<\/title>\n<meta name=\"description\" content=\"An analyst has predicted an unfeigned bull run for Bitcoin price, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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