Bitcoin price struggled to overcome its resistances after the recent drop, but good news finally arrived and the rally began. We will see in the next few days what will happen to the price of Bitcoin, which is not rising as fast as it fell. What excites investors is the ETF decisions that will come on Friday. However, a popular crypto analyst made a controversial statement about a bullish season.
Crypto Bull Season
Popular crypto analyst known as Cantering Clark made controversial statements in his post on the social media platform X. According to the expert, investors should not be certain about the next bull season. The markets can surprise big after years.
"In the bear market last month, people thought everything was over. This time everyone is relying on the idea of the 'next bull market' comfortably. I was very confident last time. But now I have less confidence in the market. I am starting to believe more in the integration of TradFi (traditional finance) with a kind of limited survival."
According to the trader, the crypto industry is failing to deliver on the promise of developing vital use cases in the real world, which harms the chances of cryptocurrencies being more widely adopted.
"Constant promises for the future, numerous scams, and problematic stablecoins. We cannot see that Bitcoin has fully fulfilled its mission. I'm not even talking about the fact that tokens are not needed for the things that are truly transformative for the global financial system."
When Will the Crypto Bull Arrive?
Clark shared his predictions above before the decision in the Grayscale case. We have talked about how important this case is throughout 2023, and the challenging process can quickly reverse with the SEC giving up. If the next move of the SEC does not focus on rejecting futures ETFs and resolving surveillance disputes, it can approve all applications, including BlackRock. So will the SEC resist? We will see in the next few days with the steps to be taken.
On the other hand, contrary to Clark, Placeholder partner and former crypto head of ARK Invest, Burniske, says he is confident that crypto will start a new bull market.
"Bears will probably have another chance to catch a 20-40% drop in quality crypto assets before the real party starts until next year 2025. The real question is at what prices this drop will start. The Fed will push until something breaks."
September brought a decline to the crypto market since 2016. Perhaps we can have a rare September to dispel the pessimism.