Bitcoin course is still above the USD 30,000 mark. Despite a brief slump on Wednesday, support is currently holding steady. Given the current negative headlines from the SEC authority, this is a positive development for the market. Analysts now assume that there is little standing in the way of an exponential rise. Is the 100,000 USD really possible now?
BTC course is over USD 30,000
Bitcoin started this month at a value of $30,955. After significant positive moves earlier in the week, the price fell briefly on Wednesday, hitting $30,330.
On Thursday, however, there was another strong upward movement and the price broke the USD 31,300 mark again. After some volatile movements, it sits at the $30,159 level today.
The market capitalization of the said cryptocurrency is currently USD 585 billion. The 24-hour trading volume increased by around 18 percentage points.
Current forecasts for the crypto market, or Bitcoin in particular, vary widely. A lot has happened in the sector over the past year and some traders may have turned their backs on the market altogether.
But this year too, there have already been some headlines that have caused prices to fluctuate, which is why it’s difficult to make forecasts at the moment. One analyst may see the end of the crypto sector while another sees very good prospects. K33 research analyst Vetle Lunde remains positive about the future.
“Aggresive accumulation”: This is how things could continue for BTC in the second half of the year
As a rule, the crypto sector is also quiet during the summer months. However, the analyst Vetle Lunde, who is a senior analyst, describes this summer as the main factor that will determine the future of bitcoin.
In an interview with The Block, he describes that there are currently numerous factors that speak of a bullish course of the BTC course:
“With trading above $30,000 and numerous positive catalysts ahead, I am more bullish on bitcoin and see this summer as a prime period for an aggressive rally.”
The analyst describes that a new, stronger interest in the crypto market is currently emerging. This is partly due to the revival of institutional interest in the presence of Bitcoin ETFS. Lunde explains that “all the ingredients are in place for a tasty market over the next nine months, with institutional interest giving BTC the green light as a viable, solid investment option.”
Bitcoin’s market structure has entered the Seven Seas, and chain analysis limits the scope of ebbs and flows that contribute to BTC price discovery.
This thread explains why exch. balances and age of supply underestimate the liquid supply after BTC monetization. pic.twitter.com/X6v7AoqyDr
— Vetle Lunde (@VetleLunde) April 28, 2022
The increased interest of institutional investors appears to be mainly due to the latest applications. BlackRock applied for an ETF launch last month. The analyst suggests that this increased CME and BTC ETP activity.
However, he sees strong reluctance among retail investors at the moment: “We don’t see anywhere near a similar trend in FOMO on the retail side of the market.” However, the decision on the BlackRock ETF could bring them forward significantly.
Other factors play a role in price development
If you trust the analyst’s assessment, Bitcoin could rise significantly. However, it is currently showing no long-term moves that would warrant such a promotion. Over the past two weeks, the value of BTC has hovered around the USD 30,000 mark.
However, stronger support can be detected. Not only have the classic coins such as BTC, ETH and Co shown more stable or rising prices. It also seemed that the traders wanted to buy more meme coins again. This type of cryptocurrency saw hype during the months of May and June.
However, growth does not depend solely on institutional interest. Other factors also affect the price. Currently, these include the lawsuits filed by the SEC. The authority filed lawsuits against Binance and Coinbase, the main crypto exchanges. Among other things, it deals with the question of whether or not the platforms comply with the applicable securities law.
Illegal money laundering is also suspected. The tendency to sentence customers’ funds has already been mentioned. Traders reacted strongly to this news. Most investors were probably immediately reminded of the fallout of the FTX crisis, which led to a prolonged price crash. The platform’s former CEO has been accused of using customer funds to buy expensive real estate, among other things.
Traders always looking for coins to explode are probably also wondering when Bitcoin will hit $100,000. Because many analysts assume that this will already be the case in the next three or four years.
Bitcoin investment due to untapped market potential?
However, as of this writing, it doesn’t look like the leading cryptocurrency will see an explosive boom that could take it to these levels. However, most institutional and private investors currently believe that there is a lot of potential in the market. Traders who want to invest in BTC now and are looking for eToro’s experience in this regard can experience them for free, as the broker offers some of its services without fees.
The crypto exchange eToro is one of the test winners among brokers. Traders can create a free user account here. You can start trading in just a few minutes. For this, the website requires data such as name, date of birth, address and a valid email address. After setting up the account, traders can choose from a wide range of popular payment methods. These include PayPal, credit card payment, Neteller or Skrill. Some of these providers are completely anonymous, which makes them very popular among crypto users.
eToro is known for the wide range of payment options, cryptocurrencies and favorable conditions. So if you share the views of research analyst Lunde, you could take that as an opportunity to invest.