Bitcoin experts in Russia are suggesting that the current bull market for the cryptocurrency is falling short of the highs seen in 2017. According to a report from the Roscongress Foundation, the recent peak in Bitcoin prices was largely speculative and did not generate the same level of excitement as in 2017. Internet search queries related to cryptocurrencies have also remained below peak levels, indicating a lack of interest from the general public.
Analysts had previously suggested that the approval of spot Bitcoin ETFs would make cryptocurrency investments more accessible to a wider range of people. However, the foundation claims that this has not yet occurred due to the inherent obstacles presented by the mining-based transaction protocols of the Bitcoin network, which are not conducive to full integration into the traditional financial system. Most investors still view Bitcoin as a high-risk asset similar to tech stocks, rather than a safe investment.
Despite the lack of excitement in the Bitcoin market, experts believe that the emergence of spot Bitcoin ETFs will eventually make investing in cryptocurrency more accessible to all market participants. However, recent price increases have been attributed to speculative play by traders trying to capitalize on ETF approvals in the US. The range of Bitcoin price forecasts for the end of the year is quite wide, with the average maximum forecast at $121,764 and the average floor at $50,138.
Another factor influencing Bitcoin prices is the growth of stablecoins. Since 2017, there has been a significant increase in the capitalization of stablecoins, which has helped drive the recent bull market in Bitcoin. The supply of stablecoins has been restored, contributing to the all-time-high peak seen in 2024. Overall, the report suggests that the behavior of the Bitcoin market is largely influenced by the general level of risk appetite among financial market participants, rather than specific events or developments.
In a related development, Russian experts predict that Bitcoin and altcoin mining will increase by 20-40% before the end of the year. This growth is expected to be driven by a combination of market forces, including the availability of stablecoins, the approval of spot Bitcoin ETFs, and general market sentiment. Despite the challenges facing Bitcoin as it seeks to integrate more fully into the traditional financial system, experts remain optimistic about the long-term prospects for the cryptocurrency and the broader crypto market.
In conclusion, while the current Bitcoin bull market may not be reaching the same highs as seen in 2017, experts believe that the approval of spot Bitcoin ETFs and the growth of stablecoins will eventually lead to increased accessibility and adoption of cryptocurrency. The market remains volatile, with price forecasts ranging widely, but overall sentiment is positive for the future of Bitcoin and the crypto market as a whole. Investors should consider the risks and opportunities presented by these developments as they navigate the evolving landscape of digital assets.
