The next crypto bull run will look nothing like the last one and investors should tame their expectations of an imminent rocketing of cryptocurrency prices.
At least that’s what Lars Seier Christensen, the founder of enterprise blockchain Concordium told Cointelegraph in a recent interview.
As the majority of the crypto market looks to the swathe of proposed spot Bitcoin (BTC) exchange-traded funds with bullishness, Christiensen is doubtful their approval will be an immediately meaningful driver for the crypto markets.
“Even if you do get a Bitcoin rally — I don’t think you should naturally assume that everything is going to rally with it.”
“Does that necessarily mean that Ethereum and a lot of the older altcoins are going to rally on the back of it too? I think that’s nearly certain not going to happen,” he added.
NEXT DATES TO WATCH:
Middle of October are the next major days to watch. Namely October 16th. (& @GlobalXETFs‘ Oct 7)
Also, reminder that we fully expected delays on this round of spot #Bitcoin ETF filings. Would have been a shock if they were approved this week. pic.twitter.com/i14fg8FWun
— James Seyffart (@JSeyff) August 31, 2023
Christiensen said that while digital asset prices have dampened over the last 18 months, in contrast, there’s an unabated interest in blockchain technology from the corporate side.
This means that the next big step for the industry won’t be marked by a particularly “sexy” rally, where prices of crypto assets surge like they did in 2021 — rather a more subdued growth that will occur gradually over the next 18 months, noting:
“The only reason corporate types need a crypto asset is in order to execute what they want to do on a given blockchain. So, I think it’s very clear that you need to be aware that they’re not in desperate need for a given crypto to increase significantly in value.”
Not everyone would be inclined to agree with Christensen, however.
Ben Simpson, the founder of crypto education platform Collective Shift said there’s a wealth of data and indicators that suggest that we’re already witnessing the initial stages of a Bitcoin bull market.
“The drawdown from All-Time High chart and Market Value to Realized Value Ratio (MVRV) suggest we’re in the final stages of accumulation, often a precursor to a bull market,” explained Simpson.
When it comes to the assets most primed for a major boom, Simpson believes the next bull market will blow wind into the sails of Bitcoin, Ether (
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