Right now, when the crypto market is continually taking losses, a replay could go a long way in softening bearish blows.
A short-term Bitcoin bull run could be underway
With 55,000 Bitcoin options expiring this Friday, leading to an open position of $ 40,000 at a spot price of $ 130 million, the market could be in a short-term bull run.
However, it is important to note that the possibility of this happening will not surely eliminate the current market dilemma. Ironically, the market is entering a bull run in a bear market. Although seeing that the bear market is considered a short-term trend, analysts are optimistic that a macro bull market will be recorded in the long term.
Bitcoin has been in a danger zone for most of the past week when prices fell to a low of $ 30,681 on May 19 before receiving $ 7,000 in a short-term correction. At the time of writing, the reference asset is not trading too close to that price mark. Being one of the lowest daily winners with almost 3% in losses, Bitcoin is now valued at $ 39,192.
Industry players point of view
Meanwhile, compared to the long list of existing altcoins, Bitcoin has corrected more in weekly gains than any other asset in the top ten categories, with losses falling to 18% as the bear market continues to trim the value of other assets. in half.
Traders keep their fingers crossed for the return of the bull market, which is anticipated to send Bitcoin up to $ 100,000. Many analysts and key players like Binance's CZ are more than confident that HODLing is the most promising strategy to adopt.
Institutional investors to catapult the market to new levels
The future of the next bull cycle could be influenced by institutional investors who, at this point, are stepping in to buy the decline.
Recently, IT giant Globant (NYSE: GLOB) revealed that it had been buying Bitcoin. The leading IT company, which is considered a leader in delivering engineering, innovation and design through the creation of software products, is valued at $ 8.7 billion.
While buying $ 500,000 in Bitcoin may be unmatched by the billions of dollars in Bitcoin bought by many other financial technology institutions, the Bitcoin community collectively accepts that it is a big step towards updating the market in the future.