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Industry players share their perspectives on what's next for Bitcoin and the broader crypto market.
Bitcoin (BTC) broke the $69,000 price level and established a new all-time high on different crypto exchanges, such as Binance, this Tuesday. The event was followed by a sharp correction of 6% in less than an hour.
BTC/USD pair on Binance (1-hour chart). Image: TradingViewBen Caselin, CMO of VALR, says that this new all-time high for BTC is remarkable, even though it isn’t clear yet if this is the ending of a “tumultuous cycle”, or a very strong beginning of a new cycle marked by the halving. He highlights that interest rates in the US are still on the high end, while the last time Bitcoin traded at these price levels, interest rates were close to zero.
“When charting a new all-time high, there are no technical indicators or historical levels to reference and there is no telling where the breakout will take us. Based on previous cycles, Bitcoin could double in size within a matter of weeks, and given that the ETFs are still in the process of being made available to the wider institutional investment community, such price action is certainly possible,” Caselin adds.
In case of more upside in the market, VALR’s CMO points out that there will be volatility, and that includes the altcoin markets, such as meme coins and other tokens. However, while that might be attractive to retail, it’s important to note that ETF investors are unlikely if not unable to rotate profits into these markets.
“From that perspective, this cycle might play out very differently for the industry as a whole, with Bitcoin re-establishing new dominance levels and potential convergence on quality in the altcoin space,” Caselin states.
This new all-time high in Bitcoin prices is a sign of the asset’s potential to redefine the financial landscape, according to James Hallam, Head of BizDev at dYdX Foundation.
“This surge, emblematic of Bitcoin’s growing acceptance and integration into mainstream finance, starkly contrasts with the often dismissive stance of traditional financial institutions towards digital currencies,” Hallam assesses.
Despite the euphoria experienced in the market, Antoni Trenchev, co-founder of crypto services provider Nexo, believes that this accomplishment “shouldn’t distract us from the broader horizon that lies ahead.”
“Price has never been closer to intrinsic value, yet it’s still far removed from it. The road ahead is open,” declared Trenchev in an X post.
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