Re: How high do you think Bitcoin will go on the next bull run?
I think this stable period will last through a good part of next year, unless something big happens. The only thing that could cause 100k$ in next few months is approved ETF from VanEck SolidX Bitcoin Trust, and since it is physically backed with BTC, demand should go up along with the price. But it seems that the chances for that are not too big, SEC is still cautious and a positive decision would be really big surprise.
it doesn't particularly matter if the trust is physically backed with BTC. it could be backed by futures contracts that settle at USD equivalent---the price should still generally reflect the spot market due to arbitrage. this is why cash-settled futures don't deviate that much from spot.
i don't understand why ETF approval would trigger a new bull run. people keep saying that, but nobody can explain why. this is like the ghost cities in china---you can build all the houses you want, but it doesn't mean anyone wants to buy them.
this is called "putting the cart before the horse".
But it is better for price in general that shares are backed by real BTC, they need to buy coins from market and that means that every share is backed by real coins. Public opinion prevails that such a way of investing in BTC would allow big money to start flow in crypto market, just because it is a easy way for investors to buy BTC through shares.
I say before that this looks very nice in theory, but the question is whether there is an interest of big investors for BTC ETF. Personally I think SEC decision to approve ETF would have a positive effect on price, we all see how market is react on last year BTC futures - although some claim it has nothing to do with that bull run.