Bitcoin

Australian venture capitalist and founder of MHC Digital Group, Mark Carnegie, is optimistic about bitcoin&#39;s potential for a bullish trend, while believing that Asia will be the real force driving the market beyond the exchange-traded fund (ETF) approval hype in the United States.<h2 id="header-0">$50,000 bitcoin retest</h2>In a recent <a href="https://x.com/StreetSignsCNBC/status/1744206497838686490?s&#61;20" rel="noopener noreferrer nofollow">interview</a> with CNBC, Carnegie expressed his belief that bitcoin is &#34;clearly primed for a bit of a run and a retest to $50,000.&#34; The bitcoin unit price stood at around $43,600 at the time of the interview. At the time of writing, it’s weighing in at $46,773. While there’s likely to be considerable resistance in the leading cryptocurrency getting past the psychologically important $50,000 level, the digital asset is certainly heading in the direction that Carnegie had predicted.Looking ahead, Carnegie shared his short-to-medium-term outlook, stating:&#34;So my feeling is short term, long, medium term, which is, you know, 30 to 90 days, probably a retrace.&#34; This suggests that Carnegie anticipates a positive trajectory for bitcoin in the coming months, likely as an initial response to a spot bitcoin ETF approval in the U.S.Last week a report from Singapore-based digital asset financial services firm Matrixport speculated that spot bitcoin ETF applications would be <a href="https://coinness.com/en/news/2595?id&#61;2595" rel="noopener noreferrer nofollow">rejected</a> as they have been over the past few years.<h2 id="header-1">Market risk factors</h2>However, he also voiced concerns about the current state of the U.S. equity markets and potential recession indicators.Reflecting on the recent miss on payrolls, Carnegie commented:&#34;I feel like that miss on payrolls last week makes me feel like there&#39;s a big flip. And everyone&#39;s going to start panicking about a recession.&#34;Despite the uncertainty in traditional markets, Carnegie remains optimistic about bitcoin&#39;s performance. When asked about the specific impact on cryptocurrencies, he admitted, &#34;How&#39;s that going to affect crypto? I don&#39;t really know.&#34;In a <a href="https://coinnesslive.page.link/gZBCdeC6rFB9zxq29" rel="noopener noreferrer nofollow">blog post</a> published last Friday, Arthur Hayes, the CIO of Hong Kong-based family office Maelstrom, similarly points to market turbulence in the short to medium term while remaining bullish on bitcoin over the longer term.<h2 id="header-2">An Asia-powered bull run</h2>Carnegie highlighted the influence of spot bitcoin ETFs and suggested inflows, noting that there are more net flows from Asia than the U.S. He stated:“You could easily see $50 - $100 billion in net new flow out of Asia this year, and if that happens..!”He mentioned the anticipation of approximately $5 billion waiting to come into the U.S., characterizing it as substantial but perhaps not as impactful as expected in the short term. &#34;It&#39;s an Asian story this time round,” Carnegie claimed.Carnegie also expressed a preference for bitcoin over Ethereum in the current financial landscape. He stated:&#34;Bitcoin feels more solid to me at the moment. So on a relative basis, I can talk like I can talk to you. I feel like for the next little while, Bitcoin feels better to me than Ethereum.&#34;Mark Carnegie&#39;s positive outlook on bitcoin&#39;s potential rally to $50,000 aligns with his preference for bitcoin over Ethereum in the current market conditions, despite concerns about the broader economic landscape.

The coming crypto bull run ‘an Asian story’

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