Bitcoin’s surge beyond $42,000 marks the beginning of a potential bull run, propelling it to surpass $500,000, according to Bloomberg.
Advocates reportedly claim it is reshaping the traditional Wall Street order.
Bitcoin Supercycle Is In Early Stages
In a recent report published by Bloomberg, it declares that the surge, aka the “Bitcoin supercycle,” has not only captured the attention of market enthusiasts but has also fueled optimistic predictions.
These predictions are ranging from immediate targets of $50,000 to projections exceeding $530,000.
Meanwhile, BeInCrypto recently reported that many analysts believe Bitcoin recently surpassing $40,000 is already in overbought territory.
However, it notes that skeptics caution against placing these predictions due to the speculative nature of the crypto market.
It explains that a major factor contributing to Bitcoin’s price uptick is the anticipation surrounding the potential approval of a US-based Bitcoin Exchange-Traded Fund (ETF).
The prospect of a Bitcoin ETF gaining regulatory approval has prompted a significant shift in market dynamics. Furthermore, it will lead to mass adoption amongst institutional investors.
BeInCrypto recently reported that Eric Balchunas, a Bloomberg analyst, maintains his 90% confidence of Bitcoin ETF approval by Jan. 10, 2024.
Learn more: How To Open a Bitcoin Account in 3 Easy Steps
Bitcoin ETF Approval Speculations
The idea behind a Bitcoin ETF is that it could simplify the process for asset managers to invest on behalf of clients, potentially attracting a significant amount of investors.
These investors may not have invested in crypto beforehand.
Despite the optimism, some market analysts, like Matt Maley, chief market strategist at Miller Tabak & Co., urge caution, emphasizing the importance of liquidity programs.
Meanwhile, the crypto believers remain undeterred in the volatile market.
However, skeptics like Michael O’Rourke, chief market strategist at JonesTrading, maintain a critical stance against Bitcoin.
He labels Bitcoin as “purely speculative gambling” with limited utility beyond speculation and illicit money transfer tool.
Learn more: Where To Trade Bitcoin Futures: A Comprehensive Guide
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