Recent months have seen increased interest in Bitcoin, driven by corporate purchases and institutional support. Bitcoin is expected to emerge from its consolidation phase due to several stimuli.
Factors for Bitcoin Growth
According to reports, Bitcoin rose nearly 30% in the second quarter, though this period has been labeled as 'consolidation.' Over the last three months, Bitcoin traded within a narrow price range. In the first half of the year, it gained 15%, significantly lower than the 45% rise in the same period last year.
Institutional Interest and ETFs
Devin Ryan, head of financial technology research at Citizens Bank, stated that there is an acceleration in ETF adoption. 'We are still seeing an acceleration in ETF adoption, and institutional treasuries are just starting to develop Bitcoin strategies,' he said.
Regulations and Price Projections
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, noted that regulatory developments in the US could also support Bitcoin. His forecast suggests Bitcoin could reach $135,000 by the end of the third quarter and $200,000 by year-end.
Bitcoin faces many factors that could drive its growth in the coming months. However, investors should remain vigilant regarding potential regulatory changes and other elements that may impact price dynamics.
