Compared to 2017’s peak, Bitcoin price is still struggling. Despite the 8% rally in the last few days, the cryptocurrency remains bearish along with the other altcoins. In fact, there are already those experts saying that it might take some time before Bitcoin together with the rest of the crypto market to recover.
But if you are going to ask someone like Mark Jeffrey who is the CEO of Guardian Circle and Guard Token, he believes that the next challenge is to get Bitcoin to $250,000. In the long term, he believes that the future of the cryptocurrency is actually bright.
He mentioned that “I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s”. He also mentioned that “We’ve just gone through the analogue of that cycle in the crypto universe in a compressed timeframe”.
Mistake Being Caught Up in the Crypto Mania
For Jeffrey, it was a mistake by a number of people to get a “bit too far” on crypto when it was bullish in 2017. In 2017, Bitcoin was able to start the year at around $1,000 only to reach its peak at near $20,000. He thinks that the current state of the crypto market is “in a little dead period”.
But as far as Bitcoin is over, he believes that this is just the “second act”. He believes though that those tokens that do have value will be able to survive. However, as far as which cryptocurrency will emerge as the best crypto in the future, he is still not sure.
Tom Lee is Bullish Again
Aside from Jeffrey, Tom Lee of Fundstrat is also bullish again on Bitcoin. For Tom Lee, he tweeted that technical analysts who were once bearish are now becoming bullish when it comes to Bitcoin’s performance. He thinks that the “Bitcoin Bear” is actually dead.
Lee mentioned in the past that the “fair value” of Bitcoin months ago was at $25,000. Though Lee has always been bullish, it is important to take a closer look at the development of the crypto market as a whole.
Will There Be a Bitcoin ETF in the Future?
For instance, will there be a Bitcoin ETF in the future? Over the last months, crypto observers are pinning their hopes on a Bitcoin ETF. Many believe that this can get Bitcoin back up. It can make the process easier for institutional investors to invest in Bitcoin. A commissioner at the US Securities and Exchange Commission, Robert Jackson Jr mentioned that “Eventually, do I think someone will satisfy the standards that we laid out there? I hope so, yes, and I think so”.
A few months back, SEC Chairman Jay Clayton mentioned that the crypto market needs to make some changes in order for Bitcoin ETF to be approved. Clayton believes that the lack of surveillance tools by crypto exchanges make the market vulnerable to price manipulation. Now can we consider Jackson’s statement as a good thing? Could it possibly mean that there will soon be a Bitcoin ET to get Bitcoin back up?