A recently published report by K33 Research found that Bitcoin (BTC) It suggests that its recovery from its current decline will be “significantly faster” than in previous cycles.
BTC is currently trading down 36% from its all-time high of around $69,000 reached in November 2021.
The current decline lasted 755 days, a stark contrast to the 1,178 days post-2013 and 1,092 days post-2017. K33 Senior Analyst Vetle Lunde and Vice President Anders Helseth argue that this cycle is different due to unprecedented corporate demand.
“None of the past cycles have seen institutional demand comparable to the current cycle, with major financial institutions both participating in the industry and publicly vouching for BTC,” the analysts said.
The expectation of US spot Bitcoin ETF approval is expected to continue driving the market. The final decision on US ETFs will be made within 36 days, with the market showing significant demand to accumulate exposure ahead of expected launches.
Analysts argue that the current rise is due to a real and compelling trend. This marks a significant change from past cycles that did not witness the level of institutional demand currently entering the market.
*This is not investment advice.
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