After reaching a record high of $99,531 last week, Bitcoin has now retreated to the $95,000 mark. However, analysts are still optimistic about the market outlook. Galaxy Research pointed out in a report released on Tuesday that the Bitcoin bull market is far from over and it is believed that it will rise again in the short term. It is inevitable to challenge the US$100,000 mark.
Galaxy Research reports that multiple positive factors are providing strong support for Bitcoin. First of all, the adoption of Bitcoin by large institutions and enterprises continues to increase, driving market confidence; secondly, Bitcoin is expected to become a reserve asset of the United States; in addition, the new U.S. government’s friendly attitude towards cryptocurrency will also bring benefits to the market policy dividends.
Despite this, Galaxy Research Director Alex Thorn still reminded that Bitcoin’s rise is unlikely to be smooth and straight, and even a bull market will have its ups and downs. He gave an example that the Biden administration may resort to measures before leaving office. The final stage of supervision and enforcement measures may cause short-term market shocks.
However, overall, Alex Thorn believes that the market structure of Bitcoin in the next two years will still be “outstanding” and “bullish”.
The report also mentioned that the market also showed a strong bullish sentiment towards the layout of Bitcoin options, and analyzed that the debut of Bitcoin ETF options will not only significantly increase market liquidity, but also is expected to reduce volatility risks and attract more investors. Many large institutions have entered the market, further driving the retail investment boom.
As of the time of writing, Bitcoin rose 3.6% to US$95,803. After trying to stabilize at US$97,000 in the early morning of yesterday (28th) but failing in vain, Bitcoin once fell to US$94,989 in early Asian trading.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
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"Recharge your faith!" Institutions firmly believe that Bitcoin will definitely exceed 100,000 in the short term. How many more years will the bull market run? 』This article was first published in "CryptoCity"
