Don’t Expect a ‘Sexy’ Crypto Bull Run Despite Bitcoin ETFs – Concordium Founder

Crypto Bull Run: Taming Expectations

The upcoming crypto bull run is likely to be vastly different from the previous one, and investors should temper their expectations of an imminent surge in cryptocurrency prices, according to Lars Seier Christensen, founder of enterprise blockchain Concordium. He spoke to Cointelegraph in a recent interview.

Although the majority of the crypto market is optimistic about the proposed Bitcoin (BTC) exchange-traded funds, Christensen is not sure that their approval will be a significant catalyst for the crypto markets. “It is nearly certain that this would not result in a rally of Ethereum and other altcoins,” he added.

Crypto Assets and Blockchain Technology

Christensen stated that, while digital asset prices have decreased over the last 18 months, interest in blockchain technology from the corporate side is unwavering.

He believes that the next big step for the industry won’t be a dramatic rally, like the one in 2021, but rather a gradual growth over the next 18 months:

Not everyone would agree with Christensen though. Ben Simpson, founder of crypto education platform Collective Shift, argued that data and indicators point to the early stages of a Bitcoin bull market.

Crypto Mining, EOS Crypto and More

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Christensen believes that digital asset prices have decreased over the last 18 months, but interest in blockchain technology from the corporate side is unwavering. He predicts that the next big step for the industry won’t be a dramatic rally, but rather a gradual growth over the next 18 months.

Ben Simpson, founder of crypto education platform Collective Shift, argued that data and indicators point to the early stages of a Bitcoin bull market.

Crypto Assets Primed for a Major Boom

According to Simpson, the drawdown from the all-time high chart and market-value-to-realized-value ratio suggest that the crypto industry is in the final stages of accumulation, which could be a precursor to a bull market.

The assets that are most likely to benefit from the upcoming bull market include Bitcoin, Ether (ETH), application-specific tokens and sectors such as gaming.

The past two years have been challenging for the crypto sector. The increasing hawkishness of the Federal Reserve, combined with the collapse of high-profile companies such as FTX and Celsius Network, has caused investment in the industry to decrease, resulting in a drop in the prices of crypto assets.

However, with the US Federal Reserve opting not to raise interest rates earlier this week, eToro Markets analyst Josh Gilbert is optimistic about the macro outlook.

Crypto in the Upcoming Macro Environment

As central banks move to cut interest rates and inflation slows, investors are likely to become more risk-seeking and deploy more capital into financial markets, including crypto. Gilbert believes that this could lead to a rally in the coming year.

Tina Teng, market analyst from CMC Markets, cautions that it is too soon to determine whether a bull market for crypto is on the horizon. This will depend on the macro environment and whether central banks are willing to end their rate hikes and provide enough liquidity to the markets.

EOS crypto, Deso crypto, GRT crypto, Crypto FTX, and other forms of crypto mining are likely to become more prominent in the upcoming macro environment. Web 3.0 blockchain is also going great, and investors should be aware of the potential of Web 3.0 and AI technology.

She continued:

Teng said that for an imminent bull market thesis to be validated, Bitcoin needs to break through the 50-day moving average and catch a ride on another surge upward, which could be boosted by the growth of crypto mining, deso crypto, and the FXStreet Crypto platform.