Here's What to Expect from the Crypto Markets in H2 2023
After a roller-coaster 18 months, bitcoin—not necessarily the entire U.S. cryptocurrency market—may be on the cusp of a bullish run in the second half of 2023, according to analysts from Adamant Research and Standard Chartered bank. The key driver could be greater adoption by traditional financial firms.
A string of crypto-related bankruptcies starting mid-last year and peaking with the collapse of FTX in November, had many investors losing faith in crypto markets. However, bitcoin prices recently got a second wind as a number of companies, including Blackrock (BLK), Fidelity Investments, Invesco (IVZ) and Wisdomtree (WT) doubled down on their applications for spot bitcoin exchange traded funds (ETFs.)
Adamant Research indicates that an accumulation phase for bitcoin will continue in the $22,000 to $42,000 range before the crypto asset eventually hits a new all-time high north of $120,000 as a result of a multi-year bull run.
Adamant Research was one of the first firms to put out a report on bitcoin more than 10 years ago in November 2012. Each subsequent report released by the firm in 2012, 2015, and 2019 came at a time when bitcoin and the greater crypto markets were at historically undervalued levels, and they released their latest report in April 2023.
While potential downside risks, such as regulatory crackdowns and liquidations by large holders, are also discussed, the report points to continued high levels of inflation and a troubled bond market as two of the factors that will contribute to the coming bitcoin bull market. Additionally, the report claims investors would be better off sticking with bitcoin rather than holding a diverse set of crypto assets.
An April 2023 note from Standard Chartered Bank also
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