An entrepreneur and Bitcoin (BTC) investor Lark Davis revealed his prediction where he thinks the leading cryptocurrency will escape its “boring” price movement. In the video, he highlighted that volatility in the overall cryptocurrency market has been lackluster despite several significant developments over the past couple of months.
Bitcoin boring AF, but for how long? Mainstream media shilling Bitcoin. Plus the big new money making narratives. https://t.co/Yg3nU7Uojn
— Lark Davis (@TheCryptoLark) July 31, 2023
In addition to the low levels of volatility, Davis also revealed that investor sentiment in the overall cryptocurrency market is neutral as investors are currently unsure of what to make of anything. One potential development that may cause cryptocurrency prices to rise is the number of BTC ETF applications that are being filed by institutional investors, according to Davis.
He highlighted that the deadlines for these applications is around March of 2024. Coincidently, this deadline is just a month prior to when the next BTC halving event is expected to take place.
Therefore, Davis speculated that institutional investors are attempting to establish a dominant position in the market before the next bull cycle, which will most likely be after the halving. With this in mind, he predicted that the cryptocurrency market may establish its next round of highs 18-24 months from now.
In related news, the price of BTC stood below the psychological $30K level at press time and was trading hands at $29,398.62, according to CoinMarketCap. This was after the market leader achieved a 24-hour gain of 0.39%. Although BTC experienced a positive daily performance, its weekly performance remained in the red zone at -1.41%.
Meanwhile, the global cryptocurrency market cap increased 0.04% over the past day of trading. As a result, the total stood at approximately $1.19 trillion at press time. BTC’s dominance in the market also climbed during this period, and was up 0.19%. Subsequently, BTC dominance in the market was estimated to be just over 48%.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.