Benzinga - The crypto market often behaves in opposite to nature. As autumn crawls in and nature falls into slumber, crypto usually wakes up.
Its fans may rejoice this year because the move seems to be to the upside. Bitcoin (CRYPTO: BTC) broke the summer range, climbing over 30% in a single week.
With the broad market expecting the approval of the long-awaited spot Bitcoin ETF, we looked into some notable predictions for the next cryptocurrency bull run.
Kevin O’Leary, a keynote speaker at Benzinga’s Fintech Deal Day & Awards, set his sights at a six-figure mark.
“I want to see Bitcoin at a hundred thousand dollars. It’s never going to get there, ever, if it’s never going to be owned by institutions, ” O'Leary said, pointing out how the crypto community is too small compared to the global financial system.
Brett Harrison, former FTX US President and founder and CEO of Architect, gave a similar warning a year ago.
"Institutional participation is vital to help any market. What we notice in crypto markets is when the prices go down, the volume completely dries up."
Still, Harrison made a correct call, expecting markets as a whole to stabilize, with crypto among them. He will share his latest opinion as a keynote speaker on the topic of "Building Back Crypto."
Meanwhile, Alex Krüger, co-founder of investment research firm Asgard Markets, noted that the market reaction regarding a spot ETF — even though largely expected — is not fully baked in the price.
“Whoever thinks the ETF is already priced in has just been proven wrong,” Krüger posted. “Expect a +20% day move when approved.”
Also Read: Bitcoin Poised For 74% Boost To $59,200 In First Year Post ETF Launch, Predicts Galaxy Digital.
Few individuals are more suitable to tackle the ETF topic than Matt Hougan, CIO of Bitwise Asset Management. A former CEO of ETF.com and Inside ETFs, Hougan staked his career on crypto and decided to join the largest provider of cryptocurrency index funds.
He believes that U.S.-listed spot bitcoin ETFs will gather $55 billion of net inflows during the next five years, but he urges investors to moderate their optimism.
“I do think, if you look at the history of inflows into novel ETFs, that people will be initially disappointed,” Hougan said, noting that social media predictions of spot bitcoin ETFs gathering as much as $30 billion would be historically unprecedented.
Hougan will join a fellow ETF veteran, Invesco's MD Anna Paglia, in a panel titled "The Rise of Crypto ETFs and Regulatory Considerations."
While bullish on spot ETF development, John Glover, former Barclay's MD and CIO of cryptocurrency lender Ledn, prefers to look at a broader picture.
"We're likely to see the US move into a recession in the coming quarters as household balance sheets begin to grapple with higher financing costs," Glover said in September.
"As this develops, I expect all risk asset prices to begin to come lower," he concluded, referring to cryptocurrencies as well.
Benzinga's Fintech Deal Day & Awards event will enlighten highlights of the current digital asset space. Join Benzinga’s Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
Image: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.