As the second half of 2023 unfolds, the price of Bitcoin surpassed expectations by reaching a remarkable milestone of $31,200. Analysts and experts are assessing various factors that could influence Bitcoin’s price trajectory and the likelihood of a potential bull run in the coming months, with particular attention given to the role of third & fourth-quarter (Q3, Q4) performance.
The crypto market experienced significant volatility and challenges during 2022, which created a sense of uncertainty among investors and traders. However, despite these hurdles, Bitcoin managed to rally and reach the $31,200 mark in the first half of 2023, demonstrating its resilience and ability to attract investment.
On June 15, 2023, BlackRock submitted a filing to the U.S. Securities and Exchange Commission (SEC) seeking approval for a spot Bitcoin exchange-traded fund (ETF). Notably, other financial giants, including Valkyrie, Fidelity, Bitwise, Invesco, and WisdomTree, have also followed BlackRock’s lead by filing for ETFs. This has sparked speculation among traders, who believe there may be more to these filings than meets the eye.
Later, on the 30th of June SEC slammed BlackRock and Fidelity Bitcoin ETF Filings, citing insufficient details about surveillance-sharing agreements, including the identification of the spot Bitcoin exchange expected to be involved.
However, the fate of this filing remains uncertain, as Blackrock again filed for the Bitcoin spot ETF while partnering with Coinbase. As a result, the sentiment surrounding crypto asset prices is heavily reliant on the SEC’s response.
Analysts now suggest that the third and fourth quarters of this year may witness relatively stagnant price movements before the market gains momentum and experiences a bull run toward the end of the year.
Furthermore, crypto enthusiasts are eagerly awaiting the Bitcoin halving event, scheduled for around the end of April 2024. In the meantime, crypto analyst Adrian Zdunczyk believes there could be slow movement in the crypto market before a surge takes place in the last quarter of 2023.
Previously, Coinpedia reported that Bitcoin has the potential to reach its next target of $33,000 if it manages to break through local resistance levels. As market uncertainties persist, investors and traders closely monitor these developments, analyzing the potential impact on the crypto market.
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