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Home»BITCOIN NEWS»Crypto analyst suggests why a face-melting bull market is on the horizon
BITCOIN NEWS

Crypto analyst suggests why a face-melting bull market is on the horizon

By Crypto FlexsJune 8, 20243 Mins Read
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Crypto analyst suggests why a face-melting bull market is on the horizon
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Cryptocurrency analyst Lark Davis Recently, the following prediction was made: this bull run It may be bigger than most people imagine. He explained why. market cycle It may stand out from the previous one.

Why this bull market is “melting your face”

Davis mentioned in X (formerly Twitter) post Cryptocurrency market participants will soon witness a “face-melting bull market.” He cited the influence of institutional investors as the reason why this bull market stands out. First of all, he drew attention to the following method: US Spot Bitcoin ​​ETF Daily inflows are already in the hundreds of millions.

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Thanks to the impressive demand for these funds, Davis emphasized: fund issuer Over the last 18 days of trading, 56,150 BTC was purchased. He claims that this amount of Bitcoin represents four months’ supply that Bitcoin miners have injected into the ecosystem. Issuers of these funds are not the only institutions purchasing flagship cryptocurrencies.

Davis also noted that companies like MicroStrategy, Block, and Semler Scientific have continued to accumulate Bitcoin. The analyst also claimed that asset managers and pension funds around the world are “queuing up” to invest in Bitcoin. Meanwhile, Davis also mentioned the following: Spot Ethereum ETF And the huge impact they can have on this market cycle.

These spot Ethereum ETFs are expected to see large inflows once trading begins. JP Morgan predict These funds could witness inflows of $1 billion to $3 billion; Cryptocurrency research company K33 Research The fund predicts there could be inflows of up to $4 billion in the first five months of trading.

Cryptocurrency analysts include: Michael van de Poppe He also expressed bullishness on these Spot Ethereum ETFs, predicting that these funds could be a catalyst for continued bullishness. Specifically they predict These spot Ethereum ETFs believe that altcoin season could be kicking off with Ethereum and other altcoins experiencing big moves.

Other factors that may have a positive impact on this implementation

Following Davis’ post, cryptocurrency analyst Patrick explanation Other factors that could have a positive impact on this bull market. First, the analyst mentioned interest rate cuts and noted that the Canadian and European central banks have already cut interest rates. He believes America will. I’ll probably follow along. soon.

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Second, Patric noted that the Federal Reserve’s Treasury repurchase program has begun. These developments are expected to be followed by lower interest rates. Quantitative easing (QE), This could increase investor confidence in investing in risky assets such as Bitcoin and other cryptocurrencies. Finally, the analyst noted that this is an election year, with the US presidential election scheduled for November.

Republican presidential candidate Donald Trump also provided a much-needed boost to markets by: affirm His stance on cryptocurrency. Based on this, Standard Chartered Bank predict If Trump wins, Bitcoin could rise to $150,000 this year.

Total market capitalization crash | Source: Cryptocurrency total market capitalization from TradingView.com

Featured image created with Dall.E, chart from Tradingview.com

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