Which Stage of the Bull Are We in Bitcoin? Are We Approaching the End, or Are We Just Getting Started?

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According to Empire analyst Jason Yanowitz, the current price levels of Bitcoin largely rely on MicroStrategy's massive Bitcoin purchases, while venture capital (VC) has not yet entered the market on a large scale.

Yanowitz, formerly known as MicroStrategy, emphasized that Bitcoin's current cycle may still be in the early stages, excluding Bitcoin purchases totaling over 20 billion dollars since the end of last year.

"Currently, the market is still in a 'player versus player' (PvP) phase," suggesting that beyond MicroStrategy's aggressive buying, corporate adoption remains limited. Dan Matuszewski from CMS Holdings reiterated this thought, stating that the impact of the 2022 bear market is still ongoing, leading to low market liquidity and a lack of significant capital inflows."

Matuszewski said, "Currently, apart from a few select targets, we have not seen significant VC entry into the cryptocurrency market."

As the cycle of Bitcoin progresses, discussions about whether the market has reached its peak are likely to intensify. However, Matuszewski stated that new regulatory frameworks are still taking shape and their implementation could serve as a catalyst for future institutional capital inflows.

BTC0.13%
EMPIRE1.02%
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