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analyst wonders what will now move the price of bitcoin

analyst wonders what will now move the price of bitcoin

This year everything has happened in terms of the bitcoin (BTC) and cryptocurrency market. From the gigantic collapse of LUNA and Terra USD to the recent Merge in Ethereum, going through the war and the global inflationary crisis. And now what will move the price of bitcoin and the rest of cryptocurrencies? That is the question that market analyst Scott Melker tries to answer.

In its newsletter dedicated to the market, in its edition corresponding to this Friday, Melker compared the current state of the cryptocurrency world to the end of a series, book or movie. “Even a perfect ending can’t help you get over the need for a little more. But the show is over and there’s nothing left to say,” she wrote.

Although he acknowledges that “the show” of cryptocurrencies is not really or definitively over, after the Ethereum Merge “there are no obvious narratives left” that can serve as a motor for the market.

What will be the next plot that takes place in this story? Melker is not sure, but he wonders if it could come from the side of regulation, the imminent recession that various specialists point to, the energy crisis, inflation or the monetary issue, among others.

None of the elements in this list is positive. Our history is being written by legislators and regulators, neither of whom seem to have a clue what they’re doing. However, despite all these nasty subplots, cryptocurrencies are still here. And that’s the real story.

Scott Melker.

The good news for bitcoin

Although there seems to be an exhaustion of the narratives that have moved and will continue to move the price of bitcoin and cryptocurrencies, Melker noted in his newsletter that the current signals are very positive for the market in the long term.

Mainly, he cited a new wave of large-scale adoption of bitcoin with new institutional investors. Meanwhile, the accumulation of BTC by savers continues, as we have reported in CriptoNoticias. Among the emblematic cases he mentioned are MasterCard, fidelity either wall street.

But we could also mention the investment insistence of MicroStrategy, which already accumulates 130,000 bitcoins; or bets from companies like Digital Galaxy and Voyagerwhich already overtake Tesla as the publicly traded companies with the most BTC in their coffers.

The outlook looks favorable in the eyes of the analyst, although it will not happen in the near future. “They are all hands on deck, building a fleet for the next inevitable bullfight and for the long haul. I hope you’re ready,” Melker concluded.

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