Bitcoin has started to stabilize in terms of valuation recently at nearly $3,800. After a long bear market and being in a state of a continuous plunge, the market has shown signs of stability and subtle growth. As of today, the market has shown pleasant signs of greens.
Although the market is showing subtle growth, the momentum building is still missing, and the direction of the market is still undefined. Sukhi Jutla, Founder & COO of MarketOrders believed that the uncertainty might continue for quite a while. She stated,
Crypto’s are still recovering from the volatility of 2018, lots of uncertainty still remains and will continue to do so for the next 6 months.
Mati Greenspan, the leading market analyst of eToro believed that
The broader range is between 3k and 5k. Most moves within the range are just noise.
Most people of the crypto market have their eyes on the BTC ETFs at the moment. Most experts believe that the custody services and ETFs might actually bring an end to the bear market, while others disagree and believe that an ETF might actually not affect the market as much as it is anticipated. Recently,
Gordon Chen, founder of the blockchain project, Neutral, stated his opinion talking to BlockPublisher,
An SEC approved Bitcoin ETF would be a notable landmark for crypto, but the effects and monetary inflow likely will not be as profound as some would expect.
Similarly, others from the crypto space believe that once security and regulations are by far the most important thing in crypto to increase trading volumes and resultantly, the market cap and valuations. The technical minds still believe that implementation of new technologies, bringing better use cases, fixing the UI and UX to be able to compete with the centralized applications, scalability, custody services, partnerships, and bringing developers to blockchain to make dApps for everyday use are the factors which would affect blockchain and crypto in the most positive way.