Bitcoin (BTC) is poised for a significant correction surrounding the Bitcoin halving event scheduled for April, as indicated by Aaron and Austin Arnold, the founders of the Altcoin Daily YouTube channel. However, they believe that institutional players like BlackRock, who have been actively involved in the market since the approval of spot exchange-traded funds (ETFs) in January, will swiftly buy up the price dip.
Bitcoin recently surpassed its previous all-time high and soared above $72,000. This current rally seems to be driven by institutional investors such as BlackRock and Fidelity, who are purchasing Bitcoin for their new ETFs. Austin noted that this rally caught many retail investors off guard, as they did not anticipate such a rapid surge towards all-time highs.
“A crash would be welcomed by many people. However, institutions are doing everything they can to prevent it,” he stated. According to Aaron, the main distinction between this bull run and previous ones is the inclusion of spot ETFs, which have bridged the gap between early adopters and the early majority, as depicted by the technology adoption lifecycle chart. “Wall Street is truly involved this time, and that is a significant differentiator,” he emphasized.
The Arnolds also mentioned that the majority of retail investors have yet to enter the market, indicating that we are still in the early stages of the bull market. “Based on social engagement and Google Trends, it appears that retail investors have not fully participated yet,” Austin added.
To learn more about Altcoin Daily’s perspective on the current bull market, watch the complete interview on our YouTube channel and remember to subscribe!