Kicking Off A Bull Run: Bitcoin To $130K
The cryptocurrency world was met with good news today:
XRP is not a security.
This is the ruling by the judge in the SEC v. Ripple case. It is widely being viewed as a win for the cryptocurrency industry. This is evidenced by the jump throughout the day in Bitcoin.
The question is how this will impact the industry moving forward?
In this article we take a look at what could unfold.
Onset Of A Bull Market?
The speculation is whether we are about to enter a bull market. This actually might be the wrong view. Perhaps the bull already started running. After all, $BTC hit a low of $15K and is more than double that point.
So, perhaps the nadir was last Fall when the leading cryptocurrency bottomed out.
Naturally, we are not at the point of a parabolic run, yet. This could be coming. In fact, it is possible that we are in for more sideways movement over the rest of the year.
That said, things are starting to loosen up.
Remember, the views on Bitcoin and a spot ETF being approved by the SEC? Blackrock still is a good bet to break into that market along with other financial institutions.
We now have some things brewing. It was also announced that Argentina approved the first Bitcoin futures contract. Things are starting to heat up.
Neutralizing The SEC
The ruling in the Ripple case is huge. While we will see it appealed, it clipped the wings of Gary Gensler a bit.
Many have accused the SEC of trying to regulate through enforcement. Some of these calls have come from Congress. Naturally, the politicians who are pro-crypto have come out with their grandstanding.
One thing this does is it sets a precedent within the legal system that is against the SEC. Other defense attorneys now have a road map to follow.
Gensler might proceed the same as before. However, there is now a basis for those who believe he is operating in a renegade fashion and trying to misapply the law.
We will have to see how things progress from here.
Bitcoin To $130K
Where will the next bull market take the price of Bitcoin?
So many are taking a shot at this. There is, however, one analysis that sticks out to me.
Here is the conclusion.
Data from this graph and this model indicate the price of Bitcoin could reach its next ceiling in autumn 2025 at $130,000 — and possibly higher.
To read full analysis, here is the article.
We are basically looking at 27 months or so. This is a time frame that does make some sense. We could see the bull run really take off in 2024. With this forecast, we are looking at a doubling from the high in the previous cycle.
Of course, we have to keep in mind that markets tend to overshoot, especially when FOMO really gets going.
That is where the "possibly higher" comes in.
Will we see $130K this cycle? Based upon the number of Bitcoin wallets, which keep growing, this makes a lot of sense.
We could see trillions of dollars rolling into this asset. We know the big money from Wall Street is about to enter the arena.
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The SEC keeps overstepping their boundaries under Gensler. $100,000+ in two years makes a lot more sense than Balaji's call of $100,000 by the middle of this year.
That does appear to be the sentiment that Gensler is overreaching and regulating through enforecement.
We will see how it all shakes out. It seems that, similar with stocks, they are likely trying to keep the markets depressed so their buddies can load up on some assets before they bring out a bunch of positive news and send things parabolic. I think that's what's likely to happen, and then who knows what will spark the dump. One thing that's for sure is that it's a good idea to have some funds lying around to take advantage of these run ups and downs! Even if it's just a few dozen Hive, nice to take advantage of the fluctuations.
That is the common thought process because it is easy. Some people believe all markets are manipulated especially if they are not going up. The reality is the major players dont care which direction things go because they make money both ways. Long and short to them is the same as going right or left at a stop sign to us. Do you really have a major preference? Of course not.
Great that XRP won the case! The power that the SEC think they have over crypto has been diminished a bit.
I think that's a good time frame to work with in regards to the bull market. $130K is reasonable with all the institutional funds that will be coming into BTC.
Well it was a partial win. The #sec was thrown a bone also. So it isnt as if this was a total victory for XRP and the SEC got crushed.
Everyone tries to guess the next Bitcoin price, but is really hard to know what might be!
It is impossible to know.
But by instinct we know is going to increase!