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大仁Jaron
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On August 20, after a long period of quiet, the crypto market tonight saw a strong surge. According to HTX data, Bitcoin briefly rose and broke above $69,000, up about 5.7% over the past 24 hours; Ethereum briefly broke above $2,100, up about 8.8% over the past 24 hours. The total crypto market capitalization rose to about $2.4 trillion, up about 4.7% in 24 hours.
In recent days, bullish views from multiple market participants have also begun to converge. Earlier, the well-known trader Killa, who previously perfectly predicted Bitcoin’s downside path during this bear market, recently said Bitcoin has rebounded from the lows and is waiting for a “perfect bottom” that could lead to missing out on subsequent gains. He still believes his long-term target remains above $150,000 and thinks the traditional four-year cycle may ultimately change.
Killa said that Bitcoin’s 200-day moving average is currently around $69,500. Next, it only needs to wait for Bitcoin to break back above and hold the 200-day moving average. Once that happens, the market can be considered to have officially turned into a bull market. This view was further validated by tonight’s action: after Bitcoin rapidly surged, it precisely met resistance and pulled back at the $69,500 level.
The institutional narrative is also fairly upbeat. Bitwise CIO Matt Hougan recently said the crypto market is repricing “on-chain assets that can generate revenue,” and some protocol valuations may be upgraded as real revenue is captured. Bitwise Europe also mentioned in its August report that there are signs that institutional demand has started to accelerate again. ETP inflows, high-level supply from long-term holders, and stabilized demand from treasury companies all form potential support for the market going forward.
Matt Hougan also said on the Rollup podcast that Bitcoin is “unbothered” by bad news, and the bear market may be nearing its end. He believes that among the roughly $20 trillion in total assets under management across the four major wealth platforms on Wall Street (Morgan Stanley, Wells Fargo, UBS, and Bank of America Merrill Lynch), if only 1%–2% of that is allocated to crypto, it could translate into sustained inflows at the scale of hundreds of billions of dollars.
Grayscale Research head Zach Pandl also said at the end of July that he believes the bottoming time for Bitcoin in this bear market could arrive earlier than the traditional four-year cycle.
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In recent days, bullish views from multiple market participants have also begun to converge. Earlier, the well-known trader Killa, who previously perfectly predicted Bitcoin’s downside path during this bear market, recently said Bitcoin has rebounded from the lows and is waiting for a “perfect bottom” that could lead to missing out on subsequent gains. He still believes his long-term target remains above $150,000 and thinks the traditional four-year cycle may ultimately change.
Killa said that Bitcoin’s 200-day moving average is currently around $69,500. Next, it only needs to wait for Bitcoin to break back above and hold the 200-day moving average. Once that happens, the market can be considered to have officially turned into a bull market. This view was further validated by tonight’s action: after Bitcoin rapidly surged, it precisely met resistance and pulled back at the $69,500 level.
The institutional narrative is also fairly upbeat. Bitwise CIO Matt Hougan recently said the crypto market is repricing “on-chain assets that can generate revenue,” and some protocol valuations may be upgraded as real revenue is captured. Bitwise Europe also mentioned in its August report that there are signs that institutional demand has started to accelerate again. ETP inflows, high-level supply from long-term holders, and stabilized demand from treasury companies all form potential support for the market going forward.
Matt Hougan also said on the Rollup podcast that Bitcoin is “unbothered” by bad news, and the bear market may be nearing its end. He believes that among the roughly $20 trillion in total assets under management across the four major wealth platforms on Wall Street (Morgan Stanley, Wells Fargo, UBS, and Bank of America Merrill Lynch), if only 1%–2% of that is allocated to crypto, it could translate into sustained inflows at the scale of hundreds of billions of dollars.
Grayscale Research head Zach Pandl also said at the end of July that he believes the bottoming time for Bitcoin in this bear market could arrive earlier than the traditional four-year cycle.
🧧🧧🧧Reply 2100 to get $BNB 🧧🧧🧧
🎁🎁🎁👇👇👇🎁🎁🎁
Disclaimer: Includes third-party opinions. No advice. Binance AI may be used without guarantee. See T&Cs.