After a year of near-non-stop action, the crypto market has finally slowed to a snailâ€™s pace, with prices grinding to just shy of a halt. While many have claimed that this non-action is here to stay, a multitude of analysts are adamant in their claims that Bitcoin (BTC) and its altcoin brethren are on the verge of a monumental breakout, or as one analyst put it, a â€œstorm.â€
Calm Before The Crypto Storm
Issuing a post on Seeking Alpha, Victor Dergunov, founder of emerging market-centric Albright Investment Group, has claimed that BTC will move â€œsubstantially higher over the next several years,â€ echoing comments made by his fellow savants.
Dergunov, touching on the fact that BTCâ€™s volatility has all but dissipated, noted that this â€œphenomenon,â€ as he dubbed it, could be a precursor to the conclusion of cryptoâ€™s multi-month bear market, which has stretched investors to their mental limits.
TheÂ ConnecticutÂ native wasnâ€™t all by his lonesome with this sentiment, interestingly enough, as Fundstrat Global Advisorsâ€™ Rob Sluymer recently explained that an â€œincremental â€˜Silver Lining’â€ has begun to develop within the cryptosphere. Sluymer, who is in cahoots with his peer Tom Lee, explained that declining volatility and volume levels could be seen as â€œencouraging technical developments,â€ even though other reports have signaled that retail interest is on its last legs.
Speaking of Tom Lee, during a recent installment of CNBC â€œSquawk Box,â€ pointed out that cryptoâ€™s resiliency in a tumultuousÂ legacy equity market has made him â€œpleasantly surprised,â€ adding that BTC has evidently found a floor at $6,000 and could be due for a foray to theÂ upside in a few months time.
Almost as if all the crypto industryâ€™s analysts and forecasters will corresponding with each other, Bloombergâ€™s McGlone explained that non-action can coincide with the subsequent arrival of market bottoms.
Some, like investor/analyst Crypto Rand, have even claimed that the bull market, or its earliest stages at the very least, are already upon the crypto space. Rand, who took to Twitter to convey his thoughts, explained that the aggregate value of all cryptocurrencies has broken out on both linear and logarithmic scales â€” a double whammy to the health of cryptoâ€™s bears.
Regardless of these callsâ€™ timelines, these predictions, which were all made in rapid succession, truly highlight the growing presence of bullish outlooks for the prospects of crypto assets and the networks they represent.
A Bull Run May Be Inbound, But Where Will The Market Head?
Although a majority of this marketâ€™s outspoken analysts are pointing to the sky, many have failed to come to a consensus on where this market will head, and why.
In early-October, as reported by NewsBTC, Spencer Bogart, a partner at Blockchain Capital, explained that positive institutional news, like the arrival of TD Ameritrade, Yale, and the Intercontinental Exchange, will likely be the primary contributor to cryptoâ€™s impending bonfire, as it were.
In contrast, Nikolay Storonsky, CEO of Revolut, has recently claimed that retail investors will drive 2019â€™s crypto bull run, going against the popular sentiment that the launch of the institutional-focused Bakkt and Fidelity Digital Asset Services (FDAS) will propel crypto to Main Street after Wall Street fills their bags.
Still, these two predictions both indicate that a bull run is in the cards. But then again, will the next influx of fiat be siphoned into BTC or altcoins?
In August, prior to the arrival of the launch of FDAS, Bakkt, and others, Novogratz, a leading proponent in the race for institutional investors in crypto, explained that BTC dominance will hold its ground for a while. This predicted hegemony, he explained, can be chalked up to the fact that interested institutions have an unbridled penchant for Bitcoin, not for altcoins. Others have begged to differ, but as always, investors, whether from the Bitcoin maximalist or altcoin advocate camp, stick to what suits them best, even while it may not be representative of this marketâ€™s future.
Original story by: https://tinyurl.com/y845lghk