Which stage of the bull run are we in in Bitcoin, the world's largest cryptocurrency? Are we nearing the end of the bull run? Here is the analyst forecast.
According to Empire analyst Jason Yanowitz, Bitcoin’s current price levels are largely based on MicroStrategy’s massive Bitcoin purchases, while venture capital (VC) has yet to enter the market on a large scale.
Yanowitz emphasized that Bitcoin may still be in the early stages of its current cycle, excluding Strategy’s (formerly MicroStrategy) Bitcoin purchases since late last year, which have totaled over $20 billion.
“Right now, the market is still in a ‘player versus player’ (PvP) phase,” he said, suggesting that institutional adoption beyond MicroStrategy’s aggressive buying remains limited. CMS Holdings’ Dan Matuszewski echoed that sentiment, noting that the 2022 bear market is still in effect, leading to low market liquidity and a lack of large capital inflows.
Source : Bitcoin Sistemi
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