{"id":196158,"date":"2021-10-31T22:30:26","date_gmt":"2021-10-31T17:00:26","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=196158"},"modified":"2021-10-31T21:21:07","modified_gmt":"2021-10-31T15:51:07","slug":"the-reason-why-bitcoin-market-is-looking-strong-despite-sluggish-summer","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/the-reason-why-bitcoin-market-is-looking-strong-despite-sluggish-summer\/","title":{"rendered":"The reason why Bitcoin market is looking strong despite ‘sluggish summer’"},"content":{"rendered":"

Bitcoin had a volatile run in the last 13 years, with a recent all-time high of $67,000. Going forward into Q4, many analysts have maintained a bullish outlook. In a recent podcast<\/a>, Grayscale\u2019s Head Of Research David Grider, touched upon the reasons why the Bitcoin market is looking strong after a somewhat “sluggish summer.”<\/p>\n

Grider commented on the “seasonality” of the market. He added that the “last few months have been stronger quarters for crypto’s most years in existence.” One of the reasons, according to him, for the strength of the market is managers allocating crypto in the portfolios.<\/p>\n

Apart from that, ETF approval and increased adoption are playing a major role, he added<\/a>. In another CNBC interview<\/a>, Kris Marszalek, co-founder, and CEO of Crypto.com agreed that the market remains “super strong” on the back of increased institutional adoption.<\/p>\n

According<\/a> to CoinShares’ Digital Asset Fund Flows Weekly, as of 25 October, digital asset investment products saw record-high cumulative inflows of $1.47 billion in the week.<\/p>\n

Additionally, total assets under management reached an ATH of $79.2 billion during the week. The report also stated that a major reason for record inflows remained the approval of Bitcoin-focused ETFs.<\/p>\n

Grider also agreed that ETF is the ‘hype’ story over the last month, instead of the larger macroeconomic environment. However, he reiterated that the macro fundamentals matter a lot in the long run. He said it’s not the only factor, adding,<\/p>\n

“Obviously crypto is an uncorrelated asset because the returns have been so strong.”<\/p><\/blockquote>\n

Meanwhile, it is worth noting that Grider also expects significant capital reallocation within the crypto market in the future. In terms of valuation, Grider estimated the total investable global asset base to be “a little north of 300 trillion.”<\/p>\n

As far as the coming quarter is concerned, several financial experts see Bitcoin reaching the $100,000 mark. Previously, PlanB, who has made several accurate predictions in the past, had also put a bet on $100,000.<\/p>\n

\n

So what will #bitcoin<\/a> Dec closing price be?
– S2F model says $100K
– Time model (logarithmic regression) says $30K
Next couple of months will be Interesting.
My money is on S2F, of course. pic.twitter.com\/ancKQ3FdEZ<\/a><\/p>\n

— PlanB (@100trillionUSD) September 22, 2021<\/a><\/p><\/blockquote>\n