As the largest cryptocurrency by market capitalization, Bitcoin was recently trading near $30,165, experiencing a 0.9% decline over the past 24 hours. Despite this, some experts are optimistic about Bitcoin’s potential growth, especially considering its historical performance in July. Over the past three years, Bitcoin posted returns of 24%, 20%, and 27% in the month of July.
Markus Thielen, Head of Research for Matrixport, expects Bitcoin to grow by 10-20% within the next 30 days, potentially reaching $33,000 to $36,000 by August. Thielen observed that Bitcoin had followed a pattern of rising about $10,000, then falling $5,000, notably after the U.S. banking crisis in March and the recent U.S. Security and Exchange Commission lawsuits against crypto exchanges Binance and Coinbase. He believes that the approval expectations for Bitcoin ETFs will bring more U.S. institutions and retail investors to the space.
However, there is a sense of cautious optimism regarding the possible approval of these ETFs. The SEC has taken a strong anti-crypto stance, but the fact that established financial institutions like BlackRock are sponsoring the filings may put additional pressure on regulators.
In the meantime, other factors could influence Bitcoin’s price, such as the approaching expiration of Bitcoin options contracts. CoinDesk Co-Managing Editor of Markets Omkar Godbole highlighted the potential for a price increase or a decline, depending on how the market responds.
Cryptocurrency Ether was recently trading at $1,854, marking a 2.2% decline from Sunday. A developer proposal to potentially change Ethereum’s maximum validator balance is currently being debated. Katie Talati, Head of Research for crypto asset management firm Arca, expressed doubt that the proposal would have a significant impact on Ether’s price, calling it “a long shot.”
Other major cryptocurrencies, such as ADA and SOL, experienced decreases of over 4% recently, while Bitcoin Cash stood out with a nearly 16% increase, reaching a new one-year high. This follows its listing on institutional-backed crypto exchange EDX Markets.
Amidst these market fluctuations, U.S. equity markets, including the Nasdaq Composite and S&P 500, closed lower. The yield on 10-year U.S. Treasurys and safe-haven asset gold recorded increases.
While the approval of Bitcoin ETFs may still be some time away, experts like Talati remain cautious but optimistic. Institutional involvement from asset managers may eventually pave the way for greater access to the crypto asset class. As it stands, the potential future growth of Bitcoin and other cryptocurrencies remains a hot topic for enthusiasts.
Source: Coindesk
