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Has the Bitcoin Bull Market Officially Begun? Interesting Details
Analysts from Matrixport suggest that the fifth Bitcoin bull run began on June 22, and expectations of institutional adoption are the primary factor.
Bitcoin was trading at $34,000 at the time of writing, an increase of 20% last week. Since the beginning of the year, the leading digital asset has increased by 120% and has the highest Sunday dominance it has had for several years.
Indeed, according to Matrixport analysts, the signs point to the official start of the fifth bull run for Bitcoin, suggesting that it starts on June 22, 2023.
In recent market comments, analysts have shared a price target of $ 125,000 for Bitcoin by December 2024, based on their comments on the signal triggered by Bitcoin reaching a new one-year high for the first time in a year.
Unlike previous bull market cycles, which were driven by different narratives such as Chinese adoption and Initial Coin Offerings (ICOs), analysts believe this was driven by expectations of institutional adoption.
"Bitcoin's characteristics, traditionally associated with assets such as Gold and other safe haven investments such as Treasury bonds, have led institutions to consider Bitcoin to diversify their asset allocations," the analysts said.
“It is not a coincidence that Bitcoin is rising at a time when the ratio of the United States' debt to GDP has reached unsustainable levels.”
Matrixport is not the only firm that thinks Bitcoin's breaking through a new one-year high is proof of sufficient Sunday strength. In its latest report analyzing weekly on-chain activity, Glassnode found that Bitcoin has risen above several important price levels this week.
“A significant part of the supply and investors now find themselves above the average break-even price of around 28 thousand dollars. This is the basis for the resumption of the 2023 upward trend," said analysts at Glassnode.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Is Bitcoin Ready to Soar to $40,000?
Bitcoin's price reached around $34,000 on October 27, with experts discussing its performance against macro assets.
As the weekly and monthly candle close approached, Bitcoin remained relatively stable. Trader Daan Crypto Trades expected it to hover between $33,000 and $35,000, keeping an eye on potential trading opportunities in that range.
Open interest levels hinted at potential price squeezes. On-chain monitor Material Indicators signaled a downside risk, suggesting that a move to $38,850 could invalidate the bearish implication.
However, some analysts remained optimistic, pointing out Bitcoin's outperformance compared to the S&P 500 and the potential for further gains. Recent resistance levels were close to flipping to weekly and monthly support, leaving bears with few options.
Many believed there was still "plenty of fuel" to drive Bitcoin's price to $40,000.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Cantor Fitzgerald Is ‘Increasingly Confident’ a Bitcoin ETF Will Win Approval.
(Bloomberg) -- Recent revisions made by asset managers to applications to offer a US exchange-traded fund that invests directly in Bitcoin has Cantor Fitzgerald “increasingly confident” that the Securities and Exchange Commission will grant approval.
Unlike previous applications that were rejected, Josh Siegler and Will Carlson, research analysts at Cantor, said SEC officials are more likely to green-light the newly filed proposals. They cited the application by Wall-Street heavyweight BlackRock Inc. and a victory in the court for Grayscale Investments LLC in its bid to convert its trust over objections from the SEC.
“A Bitcoin Spot ETF approval is the most-important short-term catalyst for Bitcoin’s price,” Siegler and Carlson said in a note Friday, citing the recent surge in prices triggered in part by an erroneous headline that an application was approved.
Bitcoin has jumped about 25% in the past two weeks, climbing to more than $35,000, the highest level is almost 18 months.
The SEC has indicated that “a comprehensive surveillance-sharing agreement with a regulated market of significant size” would meet their criteria, the analysts said. And BlackRock’s filing has included a so-called surveillance-sharing agreement, which allows Nasdaq to monitor for potential market manipulation. Following BlackRock, other applications also have included surveillance provisions.
Cantor’s analysts also pointed out the recent decision by a federal court in Grayscale’s fight against the SEC. The court overturned the SEC’s rejection of Grayscale’s proposal to convert its trust into an ETF. Judge Neomi Rao called the SEC’s decision “arbitrary and capricious.”
“Ultimately, the court found that the SEC failed to explain why it approved Bitcoin futures ETFs, but rejected Grayscale’s spot offering, despite substantial evidence that the two products are similar, across several regulatory factors,” they said. 
