The dynamics of the cryptocurrency market have definitely changed since the approval of spot Bitcoin ETFs in the United States. Could this be the end of highly volatile bull and bear markets? This analyst is convinced it is.
Have we entered the post-institutional era of Bitcoin?
It seems to be a done deal. The massive arrival of institutional investors and publicly traded companies in the Bitcoin market signals a significant shift in its historical cycles. This is especially true when you add in the growing interest from governments in building strategic reserves.
However, this trend is nothing new. Back in 2021, Goldman Sachs announced its intention to help BTC mature with billions of dollars in funding for this new type of adoption. It has simply taken a few years for this to become a reality.
This observation was recently brought back into the spotlight by Mitchell Askew, an analyst at mining company Blockware, in a post on the X network. At issue is the BTC/USD trading pair, which he believes would take the form of “two completely different assets” if a clear cut-off point were drawn between before and after the approval of spot ETFs on the US market.
As a result, Mitchell Askew believes that “the days of parabolic bull markets and devastating bear crashes are over.” Instead? An institutional era of Bitcoin now led by global stock exchanges and large publicly traded companies.
BTC will reach $1 million in the next 10 years
This scenario is increasingly being discussed by Bitcoin analysts, based on a “Saylor Cycle” model with the potential for BTC to increase 100-fold over the next decade, as announced last June by early investor Brad Mills. The potential target is now in the millions of dollars, at the cost of what has been described as “deadly” boredom.
BTC will reach $1 million in the next 10 years, alternating regularly between pump and consolidation phases. The process will be deadly boring and will scare tourists away from their positions. Fasten your seatbelts.
Mitchell Askew
At the same time, Bloomberg’s ETF specialist Eric Balchunas responded on the X network that this decline in BTC volatility has “attracted even bigger players while giving it a real chance to be adopted as a currency.”
However, a downside seems inevitable, with the announced loss of the gigantic green candles (God Candles) that made BTC’s reputation and delighted savvy traders. Clearly, “you can’t have it all!”
