The crypto bull market has gone ballistic.
Thanks to massive interest from retail and institutional buyers, a Bitcoin futures ETF, and investors shrugging off China threats, there doesn’t seem to be an end in sight to the upside.
In addition, “According to the latest Digital Asset Fund Flows Weekly report by CoinShares, institutional investors have continued to increase their exposure to digital currencies. The asset class saw a total of $90 million inflows in the last week, representing the seventh consecutive week of positive inflows,” as reported by Crypto Potato.
Plus, U.S. SEC Chair Gary Gensler has said the US SEC does not plan to ban cryptocurrencies, noting the U.S. will not follow China’s lead.
Also, with no shortage of bullishness, cryptocurrencies could run to $100,000 by 2023, says Fidelity’s director of global macro, Jurrien Timmer.
“So this move up [in bitcoin] has come without the help of momentum chasers, which I think is a good sign because it means there is something else making bitcoin go up. And, that is fundamental demand for bitcoin and its network. When I come up with $100,000 [for bitcoin prices], that’s a conservative estimate based on the intersections of my supply model and my demand model,” Timmer said, as quoted by Yahoo Finance.