‘You Want Me to Be Bearish?’: Blockchain Analyst on 10 Catalysts for Crypto Right Now

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As a seasoned researcher and analyst who has navigated through the tumultuous waters of the cryptocurrency market for years, I find myself increasingly optimistic about Bitcoin (BTC) and its potential growth in the coming months. The recent correction, while painful, seems to have shaken out the weak hands and left us with a strong foundation upon which to build.

As I, a researcher in the Decentralized Finance (DeFi) field, observe Bitcoin (BTC) climbing back from its six-month low and seeing an increase in institutional product activity, I’m noticing a growing number of analysts expressing bullish predictions for the upcoming months. One such expert, Michael Nadeau, a respected researcher and educator in our industry, has succinctly outlined the most compelling reasons that should fill Bitcoin enthusiasts with optimism today.

Sellers are done, ETFs gaining traction, what else? 10 bullish catalysts from researcher

In simpler terms, analyst Michael Nadeau states that Bitcoin (BTC) is overcoming its first significant correction during this cycle, as the main forces causing selling have either been liquidated or exhausted their funds. This positive development is one of the key factors boosting confidence in Bitcoin and the crypto market as a whole.

As a seasoned crypto investor with years of experience under my belt, I must say that the recent market corrections we’ve seen in Bitcoin, Solana, and Ethereum are nothing new to me. I’ve been through several bull runs and corrections myself, and I can tell you that this is just par for the course.

— Michael Nadeau (@JustDeauIt) August 7, 2024

Furthermore, within the given context, it was observed that funding rates had completely resetted, long-term investors became active again following their profit-taking in Q2, 2024, and the trend of miner capitulation started to slow down.

In the world of altcoins, there’s a strong sense of pessimism that often signals a necessary period before another bullish phase begins.

Looking at the broader economic picture, there could be indications of weakening national currencies. Historically, such situations have sparked an increased appreciation for Bitcoin (BTC), often seen as a protective investment against inflation and economic instability.

Moreover, as Bitcoin and Ethereum exchange-traded funds (ETFs) have been introduced, significant institutional owners of both BTC and ETH are now offloading their holdings to emerging investors, further demonstrating a high level of investor enthusiasm.

Previously mentioned by U.Today, well-known macroeconomist Raoul Pal expressed that he did not sell any cryptocurrency during the period when the market experienced its most severe downfall.

Setup looks like Q4, 2020: What’s similar?

Real Vision CEO called the last bloodbath nothing but a “shakeout” and only recommended to avoid using leverage and sharing FOMO.

To conclude, it’s worth noting that the key players from the CeFi sector who were involved in over-leveraging during the previous cycle, namely BlockFi, Genesis, and Celsius, no longer exist in their former capacity.

As such, he sees no reasons to be pessimistic about BTC and other cryptos in the long term:

You’re gonna tell me all that? And you want me to be bearish?

In light of the widespread apprehension in the market right now, events unfolding could be likened to those that occurred towards the end of Q4, 2020. During this period, Paul Tudor Jones referred to Bitcoin as the “fastest horse,” and Michael Saylor initiated the MicroStrategy Bitcoin phenomenon.

In the past, the price of Bitcoin (BTC) was fluctuating between $10,000 and $15,000, but today it stands at around $58,000, marking a 1.2% increase over the last 24 hours.

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2024-08-08 17:35