According to financial analysis firm Bernstein, an extraordinary rally in the cryptocurrency industry, led by Bitcoin, is imminent. According to the agency, the crucial court decision last week in favor of Grayscale in its action against the U.S. Securities and Alternate Fee (SEC) has created the conditions for this upswing.
Bernstein said that this time, unlike prior rallies, establishments are expected to set the price rather than predominantly retail traders. The agency credits increased regulatory clarity and a more strategic intake of long-term institutional investors for the gradual but more substantial rise.
A brief increase in value
Despite a number of encouraging triggers, Bitcoin and other cryptocurrencies have recently shown somewhat lacklustre price movement. According to Gautam Chhugani of Bernstein, it is incorrect to interpret the market’s lack of immediate reaction as a failure to progress.
Last week, the primary cryptocurrency had a temporary increase of almost 7% as a result of the Grayscale verdict. However, the benefits had only lasted a short while, and the crypto king had fallen to below $26,000.
Bitcoin ETF odds increase
Steven McClurg, the CIO of Valkyrie, also made a statement regarding the ETF race, claiming that there is a “larger than 50% likelihood” that the SEC will approve a spot Bitcoin ETF this year.
The SEC previously postponed decisions on ETF functions from prestigious firms like Blackrock, Valkyrie, WisdomTree, and Invesco. On October 16 and 17, these decisions must be made, and market observers are anxiously watching the SEC’s ensuing actions.
according to U. Bernstein predicted that, if approved, a Bitcoin ETF could increase the market value of the cryptocurrency by up to 10% over the next three years.
