Crypto Analyst Gives Reasons Why A Face-Melting Bull Run Is On The Horizon
June 08 2024 - 6:00AM
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Crypto analyst Lark Davis recently predicted that this bull run
could be more massive than most people imagine. He outlined why
this market cycle could stand out from previous ones. Why
This Bull Run Will Be “Face Melting” Davis mentioned in an X
(formerly Twitter) post that crypto market participants are about
to witness a “face-melting bull run.” He alluded to the influence
of institutional investors as the reason why this bull run will
stand out. For one, he noted how the US Spot Bitcoin ETFs already
record hundreds of millions of daily inflows. Related
Reading: Inverted Hammer Appears On The XRP Price Chart, Crypto
Analyst Picks First Target Of $0.75 Thanks to the impressive demand
for these funds, Davis highlighted that fund issuers have purchased
56,150 BTC in the past 18 days of trading. He claims this amount of
Bitcoin represents four months’ supply injected into the ecosystem
by Bitcoin miners. These fund issuers aren’t only the institutions
buying up the flagship crypto. Davis also noted that companies like
MicroStrategy, Block, and Semler Scientific have continued to
accumulate Bitcoin. The analyst also claimed that wealth managers
and pension funds worldwide are “lining up” to invest in
Bitcoin. Meanwhile, Davis also made reference to the Spot
Ethereum ETFs and the massive impact they could have in this market
cycle. These Spot Ethereum ETFs are expected to see massive
inflows once they begin trading. JPMorgan predicts these funds
could witness $1 billion to $3 billion in inflows, and crypto
research firm K33 Research predicts these funds could witness up to
$4 billion in inflows in the first five months of trading.
Crypto analysts like Michael Van de Poppe have also expressed their
bullishness on these Spot Ethereum ETFs, predicting that these
funds could be the catalyst for a continuation of the bull run.
Specifically, they predict that these Spot Ethereum ETFs could
kickstart the altcoin season, with Ethereum and other altcoins
experiencing major moves. Other Factors That Could Postively
Impact This Run Following Davis’ post, crypto analyst Patric
outlined other factors that could positively impact this bull run.
First, the analyst mentioned interest rate cuts and noted that
Canada and Europe’s Central Bank have already cut interest rates.
He believes that the US will likely follow suit soon enough.
Related Reading: Bitcoin On The Verge As Global Liquidity Nears New
$100 Million ATH Secondly, Patric noted that the Fed’s treasury
buyback program has started. This development, alongside the
interest rate cuts, is expected to lead to quantitative easing
(QE), which could boost investors’ confidence in investing in risk
assets like Bitcoin and other cryptocurrencies. Lastly, the analyst
noted that this is an election year, with the US Presidential
election slated for November. Republican Presidential
candidate Donald Trump also provided a much-needed boost to the
market by affirming his pro-crypto stance. Based on this, Standard
Chartered Bank predicts that Bitcoin could rise to $150,000 this
year if Trump wins. Featured image created with Dall.E,
chart from Tradingview.com
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