The cryptocurrency bear market has stretched out for a little over a year now, but a growing number of people are speculating that a change is incoming.
One crypto analyst known as ‘GalaxyBTC’ predicted earlier in the month how Bitcoin would jump up to at least $6,000 by the end of March.
The analyst said price action by the leading cryptocurrency was similar to an ‘Adam-and-Eve’ technical indicator that represented potential bullish momentum.
Recently, a few crypto traders and hedge fund managers have also expressed optimism on how the next price bull run could be sooner than people would think.
Big Players Getting Involved
According to Abacus Journal, two hedge fund managers spoke about the looming institutional involvement in cryptocurrency. Some believe entities like Bakkt, Nasdaq, and the NYSE could boost the crypto market by providing institutional infrastructure breadth and depth.
Flourishing OTC Markets
Another trader noted how OTC market volume has been spiking for buyers as people become interested in stashing cryptocurrency when prices are cheaper. One thought is these buyers could step up their spending if traditional markets continue to falter, sending the price of Bitcoin higher.
Hands-Off By The SEC
Many have taken recent ICO-related activity by the SEC as a sign the agency might not have as hard-line of an approach as people believe. The agency has seemingly signaled that ICOs should not have to worry about a big crackdown, but should just strive to become properly registered and work with it to remain in good standing.
The Altcoin Purge
One cryptocurrency hedge fund manager characterized the money flows towards more “legitimate” coins like Monero, Stellar, and Ethereum as a good sign for the future. They indicated how the next bull run would only come after some wasteful altcoins, like Verge, “built on nothing more than vaporware, hype, cringe partnerships, and stickers on rented lambos,” disappeared.
According to the manager, this would help capital consolidate and make its way towards serious and legitimate projects.
Bakkt On The Horizon
The arrival of Bakkt is seen as a big boon for crypto markets since it gives Tier 1 institutions the ability to accrue and trade Bitcoin like other commodities (gold, silver, oil). Some think the depth and breadth of the Intercontinental Exchange Network will send trade volumes way up, especially since the networks would be 10x the size of CME and CBOE’s futures trading.
Abacus wrote how the bull run in 2017 was “somewhat fueled” by CME and CBOE’s Bitcoin futures hype, and there should be similar market expectations with Bakkt.