Despite a slight decline on Wednesday, Bitcoin has managed to stay above the $30,000 mark, and one analyst predicts a summer of “aggressive accumulation” for the cryptocurrency.
At 1:06 p.m. in New York, the world’s largest cryptocurrency by market capitalization, Bitcoin, dipped 1.6% to $30,458, as reported by CoinGecko.
Vetle Lunde, an analyst at K33 Research, sees the current summer season as an opportune time for accumulation.
“With Bitcoin trading above $30k and several positive catalysts on the horizon, I am growing more bullish on BTC and believe that this summer presents a crucial period for aggressive accumulation,” stated Lunde.
Lunde further noted that institutional interest in spot Bitcoin ETFs has resurged, which has led to increased activity in CME and BTC ETPs. This trend is likely to continue until the initial decision deadline for BlackRock’s filing.
However, Lunde highlighted a disparity between institutional and retail investors.
“While institutional interest in BTC is growing, we have yet to see similar signs of FOMO (Fear Of Missing Out) from retail investors. There seems to be a general apathy among retail participants,” explained Lunde.
Additionally, Lunde emphasized that the upcoming halving event will play a significant role in shaping Bitcoin’s trajectory throughout 2023.
“It is a compelling narrative that the next halving will reduce the yearly selling pressure from miners by 164,250 BTC. This reduction could have a substantial impact,” Lunde commented.
Furthermore, Lunde suggested that the current excitement in the market could lead to a rally sooner than previous post-halving periods, especially if the U.S. Securities and Exchange Commission decides to delay its verdict on the BlackRock filing.
Please note that cryptocurrency investments carry risks, and individuals should conduct thorough research and consider their financial circumstances before making any investment decisions.
