Crypto markets are often contrary to nature. As autumn creeps in and nature goes to sleep, crypto usually awakens. This year, fans can rejoice because it appears that the move is in the right direction. Bitcoin (CRYPTO: BTC) broke through the summer range and climbed over 30% in one week.
The broad market awaits the long-awaited approval. To gain insight into the next bull run in cryptocurrency, we looked at some of the most notable predictions.
Kevin O’Leary, the keynote speaker for Benzinga’s Fintech Deal Day & Awards, aspired to a six figure mark, “I want to see Bitcoin at a hundred thousand dollars. It’s never going to get there, ever, if it’s never going to be owned by institutions.” The crypto community, he said, is far too small in comparison to the global financial systems.
Brett Harrison, the former FTX USA President and Architect, issued a similar warning a year earlier. “Institutional participation is vital to help any market. What we notice in crypto markets is when the prices go down, the volume completely dries up.” He was a good call to expect that the crypto market would stabilize along with other markets and will be a keynote speaker and share his opinion on the topic “Building Back Crypto.”
Alex Krüger, co-founder and director of Investment Research Firm Asgard Markets, noted that the market reaction regarding a spot ETF — even though largely expected — is not fully baked in the price. “Whoever thinks the ETF is already priced in has just been proven wrong. Expect a +20% day move when approved.”
Few individuals are better suited to tackle ETF topics than Matt Hougan, CIO of Bitwise Asset Management and the former CEO and President of ETF.com Inside ETFs. He believes that U.S. listed spot bitcoin ETFs are going to gather net inflows of $55 billion. Investors, he said, should temper their optimism in the coming five years. “I do think, if you look at the history of inflows into novel ETFs, that people will be initially disappointed.”
Hougan will join Anna Paglia, the MD of Invesco and a veteran ETF member, in a panel titled “The Rise of Crypto ETFs and Regulatory Considerations.”
John Glover, the former Barclay’s MD and CIO for cryptocurrency lender Ledn, prefers to take a broad view. “We’re likely to see the US move into a recession in the coming quarters as household balance sheets begin to grapple with higher financing costs,” he said in September. “As this develops, I expect all risk asset prices to begin to come lower,” he concluded by mentioning cryptocurrencies.
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