Predictions that BlackRock, which manages $8.5 trillion in assets under management, and JPMorgan, which manages $3.8 trillion, the two largest financial institutions in the world, will spearhead the next cryptocurrency bull run are being fueled by their blockchain-based merger.
According to a recent report, BlackRock is the first Wall Street behemoth to use JPMorgan’s new blockchain collateral system. Moreover, JPMorgan’s optimistic assessment of the near future of bitcoin mining coexists with BlackRock’s interest in providing a spot bitcoin exchange-traded fund (ETF).
Forbes predicts BlackRock and JPMorgan will spearhead the next bull run. Institutions will be at the center of this cycle, and that could be advantageous. Trillions upon trillions of dollars will be entering the market, driven by investors like Grayscale, Fidelity, Vanguard, BlackRock, and so forth.
The trend of long-term bitcoin accumulation combined with growing institutional interest is a surefire indicator of future price momentum for a variety of digital assets, and it suggests that the market is ready for the next bull run.
Long-term holders are currently collecting 50,000 bitcoins every month. Monthly gains for long-term holders total $1.35 billion. Demand is rising and supply is decreasing.
Even though the price of bitcoin has been stuck around $27,000 for several months, it is clear from history that the cryptocurrency markets are cyclical. What therefore lies ahead for the present crypto cycle, and how high could prices rise in the next bull run?
Bitcoin may retrace its all-time high price of $69,000 in November 2024 before surging to a new high a year later. Thus, the trend will be gradual. And then will form that parabolic top a full year later, which could be somewhere around $200,000.
Although the exact destination of bitcoin remains unknown, the asset’s historical performance generally predicts its future direction.
While the history of bitcoin might not be repeated, it frequently rhymes in the same way.
This article’s content is not intended to be financial advice.
