The founder and CEO of market analytics firm CryptoQuant believes that the involvement of top-tier financial institutions in Bitcoin could trigger the most significant bull run to date. He conveyed his expectations of an explosive Bitcoin bull cycle with the help of traditional finance (TradFi) on a social media platform.
TradFi companies have increased their participation in the leading cryptocurrency by supporting the approval of spot market Bitcoin exchange-traded funds (ETFs), which allow investors exposure to Bitcoin without the need to purchase the cryptocurrency directly through exchange platforms.
The CEO also expressed his belief that Bitcoin, despite currently undergoing a correction, will eventually surge rapidly. He shared a Fibonacci analysis by a popular crypto analyst, Nunya Bizniz, which suggests Bitcoin could drop to a level of $35,000.
The analysis aligns with his narrative, suggesting a short-term correction followed by an upward trajectory, with a potential maximum drop of around 30%. Fibonacci retracement tools are commonly used by investors to predict profit targets and price pullbacks in technical analysis.
At the time of writing, Bitcoin has seen a slight increase in the last 24 hours, trading at $39,776, as investors and analysts closely watch for the potential impact of TradFi’s growing interest in the cryptocurrency market.