Bitcoin Bull Market Continues, According to Galaxy Research – CoinDesk
The Bitcoin bull market is not over, according to Galaxy Research. The world’s largest cryptocurrency is expected to retest the $100,000 level in the near future, the report says.
There are several reasons behind this prediction. Increasing institutional and corporate adoption of Bitcoin, the potential for the creation of Bitcoin nation-state reserves, and a new pro-crypto U.S. administration all suggest that Bitcoin will continue to rise in the near and medium term.
While there may be some regulatory or law enforcement actions from the outgoing Biden administration that could cause market jitters, the overall setup for Bitcoin in the next couple of years is described as unique and bullish by Alex Thorn, head of research at Galaxy.
The options market positioning is also looking positive, with the potential launch of Bitcoin exchange-traded fund (ETF) options expected to bring greater liquidity and potentially lower volatility. This could attract larger institutions to the market and increase retail demand.
At the time of publication, Bitcoin was trading around $94,600, up about 2.8%, while the broader digital assets index, CoinDesk20 (CD 20), was up more than 3%.
Overall, the outlook for Bitcoin remains promising, with a potential retest of the $100K level on the horizon. With positive market indicators and increasing adoption, it seems like the Bitcoin bull run still has room to grow.
