Reserve

Bitcoin

Read

Grayscale Bitcoin Trust

<div class="cryptonews">
 <p class="is-style-lead">Popular cryptocurrency <a rel="noopener noreferrer nofollow" title="analyst" href="https://thebittimes.com/tag/analyst.html">analyst</a> Nicholas Merton — known as DataDash on YouTube — remains skeptical on Bitcoin’s near-term prospects despite optimism around the upcoming <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> and potential approval of a Bitcoin ETF.</p>
 <p>In a YouTube video, Merton discussed his views on the future prospects of Bitcoin. He laid out three key reasons why he believes Bitcoin is unlikely to start a new bull market anytime soon.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper">
   <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/C7gsPIZH34c" data-id="C7gsPIZH34c" data-query="feature=oembed"></div>
   <noscript><iframe title="The 3 Biggest Reasons We're Bearish On Bitcoin Until 2024..." width="1020" height="574" src="https://www.youtube.com/embed/C7gsPIZH34c?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
   </noscript>
  </div>
 </figure>
 <p>First, he addressed the anticipation surrounding an SEC-approved Bitcoin ETF. Contrary to popular belief, Merton suggests that it may not generate as much new demand as people expect.</p>
 <p>As evidence for his claim, he highlights the continued discount on the Grayscale Bitcoin Trust (GBTC). This suggests that institutional demand might remain subdued even if an ETF becomes available.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Analyst suggests The Fed could push Bitcoin to $20,000
 </div>
 <p>Merton also brought up the impact of Bitcoin’s <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> events and posits its influence is waning over time. In his <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, the reduction in new supply resulting from the upcoming <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> will be relatively insignificant when compared to Bitcoin’s market cap. This contrasts with the notable effects of past <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>s.</p>
 <p>He touched upon the current macro environment as well, citing factors such as rising rates, a strengthening dollar and looming recession that make risky assets like Bitcoin less appealing.</p>
 <p>In Merton’s view, the Federal Reserve won’t resort to aggressive quantitative easing measures as they did during past recessions, thereby constraining any significant upside for Bitcoin.</p>
 <p>Overall, Merton sees Bitcoin remaining rangebound and failing to reach new all-time highs over the next year absent a major shift in market dynamics. He advises investors to have patience and wait for clearer signs of a bottom before building large crypto positions.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> ARK Invest and 21Shares refine Bitcoin ETF filing, hint at progress
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-bearishness-continues-despite-halving-etf-hopes-analyst-tbt66307.html">https://thebittimes.com/bitcoin-bearishness-continues-despite-halving-etf-hopes-analyst-tbt66307.html</a></p>

Bitcoin bearishness continues despite halving, ETF hopes: analyst

TheBitTimes

Other articles published on Oct 13, 2023

LasMeta: Igniting the Metaverse Revolution

FLOKI: The Memecoin Messiah? Major Announcement on the 17th

Bitcoin Outperforms ETH as traders eye ETF approval

TON Foundation Enlists The Support Of Elliptic To Provide Ecosystem Analysis And Security

Bitcoin will Surpass Silver And Gold in the Next 8-10 Years, Only if?

Starlink to compete with MTN, Airtel and Glo as it set for direct-to-phone launch in 2024

Join our free newsletter for daily crypto updates!