'The Bitcoin Bulls Are Back' As Cryptocurrency Rallies 12% To Fresh 2-Year High – Forbes
Bitcoin prices have been on a tear lately.
Bitcoin prices are on a tear once again, surging to the highest since November 2021 as the digital currency benefits from multiple bullish factors.
Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital, summed this up nicely, stating via email that “The Bitcoin bulls are back and the unprecedented combination of Bitcoin ETFs and the next Bitcoin Halving attracts a lot of additional inflows.”
He made this statement shortly after the world’s most valuable cryptocurrency by total market value rose to $57.416.43 on CoinMarketCap.
At this point, the digital asset had climbed roughly 12% in less than 24 hours, additional CoinMarketCap figures reveal.
Several other market observers weighed in, commenting on the various factors that are placing upward pressure on bitcoin prices.
“The recent movement in Bitcoin’s price continues the trend observed since the inflows into the spot Bitcoin ETF began to exceed the outflows from Grayscale,” Jacob Joseph, research analyst at CCData, said via emailed comments, emphasizing the key role that funds granting exposure to the cryptocurrency are playing in the digital asset markets.
“Contributing to the market’s positive sentiment, recent developments include the highest trading volume day for US spot Bitcoin ETFs and MicroStrategy’s acquisition of an additional 3,000 BTC, all of which have helped push Bitcoin closer to its all-time high,” he said, referencing the latest transactions made by the software company where prominent bitcoin bull Michael Saylor serves as executive chairman.
Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, also weighed in.
“The ETF approval and upcoming halving have led to large, steady hands purchasing the asset. This has caused historical demand for Bitcoin,” he wrote via email.
“Not only did Microstrategy disclose over $150M of Bitcoin purchases, but industry murmurs are that other large investors are also making purchases,” added DiPasquale, referencing verbal statements made by other fund managers in the space.
“We expect even more growth from Bitcoin this year as well as other major crypto assets,” he concluded.
Julio Moreno, head of research for CryptoQuant, emphasized similar factors, claiming that sizeable U.S. investors are a major reason behind the digital currency’s recent gains.
“We can see On-chain the ongoing Bitcoin buying from large entities (balance of more that 1K Bitcoin),” he stated via Telegram.
“Additionally, a extremely large price premium on Coinbase exchange suggests higher demand from US investors,” Moreno added.
Marouane Garcon, cofounder of perpetual futures marketplace called The Real-World Asset Exchange, shed some light on the matter, citing myriad variables helping push bitcoin’s price higher.
There are “So many factors,” he said via comments submitted through email, highlighting the approval of a spot-based “Bitcoin ETF” and the recent news that “Blackrock’s BTC holdings passed $7 billion.”
“You see South Korea and other countries who are open to listing spot and futures BTC ETFs. Headlines of RIAs offering BTC ETFs to their clients,” he added.
“We’re still in the early innings, but you can see the narrative changing every day when you check the financial news,” noted Garcon.
“Even BTC mining is profitable again. Not to mention the upcoming halvening which is historically a positive even for the price of BTC.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.