Crypto Spring? Analysts See New Bull Market as ETF Hopes Rise and Institutional Interest Grows
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Crypto analysts believe something has changed recently, ushering in a 'crypto spring' and new bull market. Drivers include development of ETFs and institutional interest.
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ARK Invest CEO Cathie Wood says the odds of a spot Bitcoin ETF approval by the SEC have gone up based on the sophisticated questions received.
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Bloomberg analyst Jamie Coutts believes ETF hype isn't driving crypto momentum; rather a change in asset allocation as Bitcoin's risk-adjusted returns exceed other assets.
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Coutts projected in July that Bitcoin could reach $39k in November based on past cycles. He now sees crypto market cap reaching $8T-$10T this cycle.
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Volatility typically spikes at the start of a new bull cycle as investors switch from survival mode to engaging, making it tricky to confirm the bottom.