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There seems to be as many positives as negatives for the crypto market. With the market currently vaguely bullish, but generally trending sideways, perhaps a catalyst is needed to launch the market in one particular direction.
There are a few things that need to be taken into account when assessing whether bitcoin and the rest of the crypto market are going to continue on up, or whether the entire crypto market is going to sink down to a much deeper correction.
The negatives
If analysts at JP Morgan are to be believed, the Spot Bitcoin ETF launches were a failure. You then ally this information with analyst Jim Cramer, who commented “Nobody showed up”, and also economist, and long time Bitcoin critic Peter Schiff, who termed the launches as “another disaster”. In the same vein, you could quote Arthur Hayes, ex CEO of BitMEX, who says that crypto is “going much lower”.
In addition, many commentators are pointing to the continued pressure from the Grayscale ETF selling, which they perceive will mean that bitcoin will not be ready to rally until late 2024 and even into 2025.
The positives
Looking at the other side of the coin, a much more positive slant can be applied to the bitcoin price, and by extension that of the majority of the altcoins.
For the Spot Bitcoin ETF launches, it must be noted that if Grayscale is excluded, the rest of the ETFs saw an influx of $5 billion, which means that there is an overall positive inflow. Add to this that the selling of the Grayscale ETF is now slowing dramatically, and the FTX part of this has now finished, and you have a much more positive outlook on this particular front.
Finally, there are 80 more days until the halving, and $BTC is now at $42,500, up from $38,500 in only a week. Both sides of the coin have their say on the matter, but one might perhaps come down on the side of the positiv
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Author: Laurie Dunn
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