Crypto Market News: The Bitcoin price clocked an impressive $30,000 mark at the end of the first half of the year 2023, which is beyond expectations considering the crypto market uncertainties that grappled much of the year 2022. A new wave of crypto adoption is potentially coming up with the likes of Blackrock, the world’s largest asset management firm, having filed for a Bitcoin based product with United States regulators. On June 15, 2023, BlackRock filed for the U.S. Securities and Exchange Commission’s (SEC) approval of the spot Bitcoin exchange traded fund (ETF). Yet, the question remains that whether or not the SEC takes a decision without much delay or it will turn out to be a legal issue.
Also Read: Spot Bitcoin ETF Has a Fairly High Probability of Gaining Approval in the US – Bernstein Analysts
Hence, the crypto asset price sentiment is largely dependent on the US SEC’s decision and any delay could likely subside the momentum leading to drop in Bitcoin price. That the financial bigwigs like Valkyrie, Fidelity, Bitwise, Invesco, and WisdomTree followed BlackRock in filing for ETFs gives traders reasons to believe there is more to the filings than it appears. In this context, Bitcoin analysts believe the third quarter could see some flat movement in asset prices before taking off for a crypto bull run later by the end of the year.
When Will Bitcoin Bull Run Begin?
Besides the Bitcoin ETF filings, the digital assets enthusiasts are also looking forward to the Bitcoin halving event, which is scheduled for around the end of April 2024. Meanwhile, Adrian Zdunczyk, a crypto analyst, believes there could be some slow movement in crypto market before fireworks in the last quarter of 2023.
It’s just unreasonable to see all the facts & data and still deny #Bitcoin bull market. Over $31,400, however, the bears will have no argument left to prove their delusion. After slow summer, I’d expect fireworks in Q4. pic.twitter.com/Ua7UJ8RR5L
— Adrian Zduńczyk, CMT (@crypto_birb) July 3, 2023
Earlier, CoinGape reported that Bitcoin could reach the next target of $33,000 if it breaks local resistance.
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Source: https://coingape.com/crypto-expert-predicts-bitcoin-bull-run-timeline/