Institutional Adoption and ETFs
Lark Davis, a crypto expert, believes that Bitcoin is poised for a wild bull run due to several factors. One key factor is the growing institutional acceptance of Bitcoin. The recent approval of Bitcoin spot ETFs in the US and Hong Kong has led to a surge in institutional investment, with over 3,000 BTC being purchased daily.
Reduced Supply
Another factor is the recent Bitcoin Halving, which has cut the daily production of BTC by miners in half. This has reduced the supply of Bitcoin, potentially driving up its price.
Global Acceptance
The approval of Bitcoin spot ETFs in Hong Kong has inspired other Asian countries to consider similar moves. This global acceptance of Bitcoin is expected to further increase demand and drive up its value.
Low Availability
Davis notes that the availability of Bitcoin on exchanges is at a record low, and OTC desks are running low as well. This scarcity could lead to a surge in demand and further price increases.
Price Movements
Despite the positive developments, Bitcoin’s price has been struggling between $61,000 and $66,000. Some analysts anticipate a further decline in the coming weeks. However, Davis believes that the current bull cycle will be more intense than anticipated due to the factors mentioned above.
