Analysts believe that Bitcoin is currently trading at a ‘discounted price’.
The current Bitcoin market is different from 2018 due to growing adoption and rising institutional interest.
Bitcoin plunged below $19,000 on 18 June amid a huge sell-off across the crypto market. BTC, once known as a strong contender for the title of ‘digital safe haven asset’, has now crashed by more than 70% in the past 7 months.
The Bitcoin crash is nothing new. Investors witnessed similar corrections throughout the last decade. Most recently in 2018 and 2020. However, BTC’s correlation with S&P 500 and Nasdaq indicates that the crypto asset is also vulnerable to macroeconomic events.
BTC reached an all-time high of approximately $69,000 in November 2021, since then, the digital asset has been in a consistent decline mainly due to a dip in retail interest. But, the Bitcoin story is not over yet. The main difference between the previous BTC crashes and the recent bearish cycle is that the adoption of Bitcoin has increased rapidly in the past few years. According to a report from Crypto.com, there are more than 300 million cryptocurrency users around the world.
Due to rising adoption and growing institutional interest, leading voices across the crypto market believe that the world’s most dominant digital asset is currently trading at a discounted price.
70% Discount
Johnny McCamley, the Founder and CEO of CryptoClear, said that BTC’s current price level provides an opportunity of a lifetime.
“Bitcoin is cheap right now (70% discount) as the all-time high was $69,000 only last November. We are still early in the Bitcoin lifecycle and this is a buying opportunity of a lifetime right now,” McCamley said.
“Taking into consideration the global economic situation, the current price can be considered part of the maturing process of the crypto industry, and a considerable opportunity to join the trend especially if you are looking at the long term,” Martin Noam Slutzky, the Co-Founder of InvestingNFT and a Founder of Alef & Sky, commented.
Institutional Interest
Since the crash of 2018, many institutional investors have entered the Bitcoin market and started accumulating BTC in large amounts. From Tesla to MicroStrategy, most of the public listed companies purchased BTC at different price levels. Even countries like El Salvador bought the dip on different occasions. Rising institutional interest has made Bitcoin almost ‘too big to fail’.
“BTC is extremely undervalued, especially after adoption from big institutions. Corporates have started treating Bitcoin as an alternative asset and some of them are even accepting the crypto asset as a mode for payments,” Joaquim Matinero Tor, a Blockchain Associate at Roca Junyent, said.
Regulatory Clarity
Regulatory authorities around the world have increased their efforts to draft and implement clear crypto regulations to facilitate innovation in the crypto sector. For instance, UAE recently adopted the Digital Asset Law and witnessed a jump in crypto activities in the region. Digital exchanges like Kraken and Crypto.com expanded their operations in the region due to UAE's clear approach to crypto regulations. The recent acquisition of licenses in Italy and France by Binance shows that Europe is also planning to open its doors for crypto innovation.
“Regulation will help crypto adoption. Several big institutions are planning to enter the Bitcoin market and are just waiting for the elimination of regulatory hurdles,” McCamley said.
After the Terra (LUNA) crash, whales started parking money in cash to wait for the right opportunity to enter the crypto market. Bitcoin’s current fundamentals, including retail adoption, the growing number of addresses, mining rate and accumulation trend, show that BTC has the potential to hit another all-time high in the coming years.
Bitcoin plunged below $19,000 on 18 June amid a huge sell-off across the crypto market. BTC, once known as a strong contender for the title of ‘digital safe haven asset’, has now crashed by more than 70% in the past 7 months.
The Bitcoin crash is nothing new. Investors witnessed similar corrections throughout the last decade. Most recently in 2018 and 2020. However, BTC’s correlation with S&P 500 and Nasdaq indicates that the crypto asset is also vulnerable to macroeconomic events.
BTC reached an all-time high of approximately $69,000 in November 2021, since then, the digital asset has been in a consistent decline mainly due to a dip in retail interest. But, the Bitcoin story is not over yet. The main difference between the previous BTC crashes and the recent bearish cycle is that the adoption of Bitcoin has increased rapidly in the past few years. According to a report from Crypto.com, there are more than 300 million cryptocurrency users around the world.
Due to rising adoption and growing institutional interest, leading voices across the crypto market believe that the world’s most dominant digital asset is currently trading at a discounted price.
70% Discount
Johnny McCamley, the Founder and CEO of CryptoClear, said that BTC’s current price level provides an opportunity of a lifetime.
“Bitcoin is cheap right now (70% discount) as the all-time high was $69,000 only last November. We are still early in the Bitcoin lifecycle and this is a buying opportunity of a lifetime right now,” McCamley said.
“Taking into consideration the global economic situation, the current price can be considered part of the maturing process of the crypto industry, and a considerable opportunity to join the trend especially if you are looking at the long term,” Martin Noam Slutzky, the Co-Founder of InvestingNFT and a Founder of Alef & Sky, commented.
Institutional Interest
Since the crash of 2018, many institutional investors have entered the Bitcoin market and started accumulating BTC in large amounts. From Tesla to MicroStrategy, most of the public listed companies purchased BTC at different price levels. Even countries like El Salvador bought the dip on different occasions. Rising institutional interest has made Bitcoin almost ‘too big to fail’.
“BTC is extremely undervalued, especially after adoption from big institutions. Corporates have started treating Bitcoin as an alternative asset and some of them are even accepting the crypto asset as a mode for payments,” Joaquim Matinero Tor, a Blockchain Associate at Roca Junyent, said.
Regulatory Clarity
Regulatory authorities around the world have increased their efforts to draft and implement clear crypto regulations to facilitate innovation in the crypto sector. For instance, UAE recently adopted the Digital Asset Law and witnessed a jump in crypto activities in the region. Digital exchanges like Kraken and Crypto.com expanded their operations in the region due to UAE's clear approach to crypto regulations. The recent acquisition of licenses in Italy and France by Binance shows that Europe is also planning to open its doors for crypto innovation.
“Regulation will help crypto adoption. Several big institutions are planning to enter the Bitcoin market and are just waiting for the elimination of regulatory hurdles,” McCamley said.
After the Terra (LUNA) crash, whales started parking money in cash to wait for the right opportunity to enter the crypto market. Bitcoin’s current fundamentals, including retail adoption, the growing number of addresses, mining rate and accumulation trend, show that BTC has the potential to hit another all-time high in the coming years.
Bilal Jafar holds an MBA in Finance. In a professional career of more than 8 years, Jafar covered the evolution of FX, Cryptocurrencies, and Fintech. He started his career as a financial markets analyst and worked in different positions in the global media sector. Jafar writes about diverse topics within FX, Crypto, and the financial technology market.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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