Bitcoin Downturn Expected Post Halving, But BlackRock Likely to Offset with Swift Buy-In
Summary:
Anticipations of a substantial Bitcoin downturn around its April halving are countered by expectations of buy-in from major entities like BlackRock. Bitcoin recently exceeded its previous high, reaching over $72,000, a surge seemingly driven by institutional investors acquiring Bitcoin for new ETFs. Despite the boom, Altcoin Daily suggests that the majority of retail investors have yet to enter the market, indicating an early stage in the present bull market.
Anticipations are rife that Bitcoin could witness a substantial downturn around its halving scheduled for April, state Altcoin Daily YouTube channel founders Aaron and Austin Arnold. Despite this, they believe that the anticipated price drop will be swiftly offset by significant institutional entities such as BlackRock, which have penetrated deeper into the market following the greenlighting of physical exchange-traded funds (ETFs) in January. Recently, Bitcoin surpassed its earlier peak, touching over $72,000. The present surge seems to be fueled by BlackRock, Fidelity and additional institutional investors procuring Bitcoin for their fresh ETFs. Austin points out that this recent surge confounded numerous individual investors who hadn't anticipated Bitcoin's swift ascend to its peak. He said, “Plenty of individuals would not be averse to a crash. It appears to be a concentrated effort by institutions to avert such an occurrence". Aaron, his brother, emphasized the distinguishing factor between this and the preceding bull runs is that physical ETFs have provided the means for Bitcoin to bridge the gap between initial adopters and the early majority, as indicated in the technology uptake lifecycle chart. “This time around, Wall Street has a serious stake," he highlighted, "This is a significant differentiating factor." Concurrently, they mention the fact that primary retail investors haven't yet ventured into the market, suggesting that we're still in the early phase of the bull market. "Based on social engagement, on Google Trends, retail participation is still largely absent," Austin noted. For further insights into Altcoin Daily's perspective on the present bull market, watch the complete interview on our YouTube channel and remember to subscribe!
Published At
3/11/2024 8:43:45 PM
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