Bitcoin’s speed indicator has retreated to historic lows, indicating a long-term holding trend for the largest cryptocurrency. Experts interpret this as Bitcoin investors’ reluctance to sell and the presence of buyers seeking new supply. Bitfinex analysts point out that there is a difference between the current Bitcoin speed and the average recorded during the crypto bear market of 2018-2019.
Analysts at Standard Chartered continue to stick to their projections that Bitcoin will reach $100,000 by the end of 2024. Geoff Kendrick, the bank’s Head of FX Research, believes that the approval of at least one spot Bitcoin ETF in the US will be the main catalyst for the price increase.
Kendrick and his team anticipate that ETF approvals could come earlier than expected, predicting that a series of spot ETFs for both BTC and ETH will be approved in the first quarter of 2024, paving the way for institutional investments. It is reported that Bitcoin’s market dominance has risen from 45 percent in April to 50 percent.
According to data provided by CoinMarketCap, Bitcoin has seen a 2.87 percent increase over the last 24 hours, trading at $38,090. The largest cryptocurrency’s price has increased by 4.29 percent over the last 7 days and by 11.70 percent over the last 30 days.
Bitcoin’s speed indicator signals long-term sentiment, Standard Chartered maintains bullish market prediction for BTC, and spot ETFs could boost Bitcoin’s institutional adoption.
