Many people expect there will be another bull run in the more or less near future. But who, whose money, what will be the fuel for next bull run? New investors? Smart money? Why? Do elaborate, I am very curious to know your thoughts.
It would still be the old investors who are waiting for the time that they have accumulated enough and those who are waiting for the market to show signs that buyers are back. If the price would be doing good then new investors will come in as well especially if the price would continue to go up resulting to it being attractive to the new people in the ecosystem.
Of course the old investors will make the market more aggressive, but the main factors are the fear of missing out people will panic and buy bitcoin more that causes the price to spikes.