Welcome to the opinion ECHO. This week: Bitcoin in hype mode and analysts reaching for the stars.
Bitcoin: The Biggest Bull Market in History?
Whether the correction of the last few weeks on the crypto market has already survived, no one can say so far. True, the fundamentals for Bitcoin (BTC) have not changed. But the global economic situation is still far from stable. Technical indicators such as the Relative Strength Index (RSI) or the Mayer Multiple speak a different language: as explained in our current Bitcoin report, the chances of an upcoming recovery rally are good.
Apart from these short-term indicators and prospects, analysts in the crypto space are sure: things are going uphill again. Mike McGlone, senior commodity strategist at Bloomberg, in particular, is currently putting the bull’s horns on his generous forehead.
In a tweet, McGlone gives the following analysis for the best:
Bitcoin could be one of the biggest bull markets in history at a currently relatively low price [bevorstehen] […]. Or crypto could be a failed experiment that is in the process of becoming redundant like Crudeoil. However, our tendency is that Bitcoin adoption is more likely to increase.
Mike McGlone, Commodities Strategist Bloomberg
#Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. Or the crypto may be a failing experiment in the process of being made redundant, like #crudeoil. Our bias is Bitcoin adoption is more likely to continue rising pic.twitter.com/qtLRR6isXF
– Mike McGlone (@mikemcglone11) July 6, 2022
And when will the Bitcoin bullrun start?
All well and good, one may now think, even if it should be so: when will the bull market start? What do the crystal balls say about the launch date?
According to crypto Twitter analyst KALEO, we still have to be a little patient. In contrast to McGlone, who expects strong growth in this half-year, KALEO is still postponing the whole thing a little.
According to his calculations, we still see a sideways range or a “crab market” by the end of the year, with the Bitcoin price moving between 16,000 and 30,000 US dollars. At the beginning of 2023, a rally should be scheduled, which will be accompanied by an altcoin season. But then it really starts!
At the end of 2024/beginning of 2025, we will finally see a new all-time high in Bitcoin. The 2025-2026 NFT craze won’t be comparable to anything we’ve seen so far.
KALEO, Crypto/Twitter/Investment Expert
Late 2024 / early 2025 we finally see a new Bitcoin ATH and six figure BTC.
The NFT craze in 2025 – 2026 will be unlike anything we’ve ever seen before.
– K A L E O (@CryptoKaleo) July 6, 2022
Bitcoin? Should go steep soon. Source: KALEO
Dan Held: Just zoom out
To make the bull trio complete, we let Dan Held have his say today. The director of Growth Marketing at the crypto exchange Kraken is – like all other experts in this opinion ECHO – not completely uninterested in the fact that the Bitcoin price is rising again.
Accordingly, he confidently proclaims: it will be all right again. He points out that market phases in which Bitcoin had been declared dead were always followed by better phases. And in fact: the historical data prove him right. So every crash was followed by a halving and every halving by a bullrun. Whether it will be the same again this time, of course, remains to be seen.
If in doubt, just zoom out. Every time people thought that Bitcoin “died”, he came back stronger.
Dan Held, Director of Growth Marketing Kraken
Well, then only one thing will help: Hodln! By the way: If you are looking for in-depth analyses of the crypto market, just have a look at our investment section.
Setting Up a Bitcoin & Crypto Savings Plan
Invest regularly in Bitcoin and benefit from the cost-average effect in the long term. We’ll show you how to do it.