The Bitcoin price has been experiencing a series of price fluctuations for two years now. The cryptocurrency has been on a bullish threshold multiple times but has failed to hold a bullish momentum for long.
Nevertheless, a Bloomberg analyst has predicted an unfeigned bull run for BTC, but the potential uptrend comes with certain factors and conditions.
Investors Prepare For Possible Bitcoin Bull Run
The slow growth of Bitcoin price has left investors and crypto enthusiasts hoping for a potential bull run since its crash in 2022, which saw the cryptocurrency dropping from $46,000 to below $20,000.
In an X (formerly Twitter) post, the senior analyst implies that if the Bitcoin price rises above the $30,000 mark, investors should expect a significant bull run similar to the uptrend recorded in 2020 when Bitcoin was at its all-time high.
McGlone explained that Bitcoin’s $30,000 is analogous to its $12,000 price mark in 2020, just before its surge. To put this in perspective, in 2020, while Bitcoin price was as low as $12,000, the cryptocurrency recorded one of the highest surges in its history, and McGlone has equated that price jump to the bullish momentum he foresees for Bitcoin if it crosses the $30,000 price threshold.
“Bitcoin $30,000 May Be New $12,000, With Fed-Tightening Overhang,” McGlone said in the X post.
He also added that Bitcoin’s price may see substantial growth if regulatory burdens are addressed and spot Bitcoin ETFs are eventually approved.
“The inevitable approval of Bitcoin ETFs in the US is moving closer, but the elephant in the room for all risk assets remains. The Fed is still tightening despite the tilt toward economic contraction,” the analyst said.
Factors Hindering Bullish Momentum For The Bitcoin Price
As the crypto space keeps an eye out for more confirmation of a favorable price reversal for Bitcoin, several factors could impede Bitcoin’s expected growth trajectory.
Industry experts have highlighted that the increased adoption of the Bitcoin ETF following Grayscale’s victory against the SEC could have a significant impact on the price of Bitcoin. However, the United States Securities and Exchange Commission (SEC) previously rejected applications for spot Bitcoin ETFs by…