Crypto experts during the Next Block Expo conference in Berlin unanimously agreed the crypto bear market is over but emphasized a cautious approach.
Bitcoin (BTC) price has continued to showcase its stability as an investment product in the past few days. After reaching a new yearly high of around $44.5k, Bitcoin price has been ranging in a bullish pennant pattern, which could yield a fresh rally toward $48k before the end of the year. The flagship cryptocurrency has attracted significant attention from institutional investors seeking to diversify their portfolios and balance sheet assets. Trading around $44k on Thursday during the early London session, Bitcoin bulls are in control in the short term, despite the increased risk of a correction toward $32k.
Bitcoin Bulls Take Solace in Upcoming Halving
The Next Block Expo conference in Berlin which concluded on Tuesday, December 5, brought together some of the top crypto experts. During an interview with Cointelegraph, Robby Yung, the Chief Executive Officer of Animoca Brands, Miko Matsumura the managing partner at gumi Cryptos Capital, Binance regional manager Jonas Jünger, and João Leite the Polkastarter business development lead unanimously agreed the upcoming Bitcoin halving has significantly rejuvenated the bullish sentiment.
According to Matsumura, the past three Bitcoin halving events, which have yielded the macro bull markets, have psychologically trained investors to incline on the next halving. Moreover, Jünger highlighted that the Bitcoin halving event has presented a phenomenon that was completely lacking in the fiat market, as most global central banks struggle with high inflation.
“Every four years, we swing the ram, and we smash. Four years is long enough that the people inside the castle think we’ve gone away,” Matsumura noted.
As a result, Yung noted that Bitcoin will continue to play the role of reserve for the web3 industry while alternative coins like Ethereum attract new players. Moreover, Bitcoin provides deep liquidity for all people without discrimination of traditional geopolitical norms.
After all these years, I finally met @mikojava IRL when we got a chance to do a panel today at @nextblockexpo in Berlin. TL;DR? We’re emerging from the bear market, and the honey badger is getting fat (ask Miko). pic.twitter.com/h0PslG3DK9
— Robby Yung ⦿⦿⦿ (@viewfromhk) December 5, 2023
Spot ETF Narrative
The crypto experts also unanimously agreed that the ongoing Bitcoin spot exchange-traded funds (ETFs) narrative in the United States has significantly charged the bulls. Furthermore, Yung believes the potential approval will attract more than $12 billion in subsequent months. Moreover, all the funds trapped in non-performing traditional investment accounts like treasury bonds and retirement packages will gradually tap into the Bitcoin market via spot ETFs.
“All of a sudden, with this ETF vehicle, you will no longer have synthetic financial instruments that reflect the price of Bitcoin. You have an actual spot. It’s all secured. It’s all in custody,” Jünger said.
Meanwhile, the crypto experts cautioned investors to understand that another bear market will happen, hence it is prudent to prepare in advance. Ideally, Leite highlighted that the hype will cool down and only companies with long-term strategies will be rewarded.
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Source: https://www.coinspeaker.com/bitcoin-halving-spot-etf-hype/