All approval of applications for Spot Bitcoin ETF and the conclusion of the Bitcoin Halving set up all the technical indicators for a bull run. Expectations were optimistic that it would cause an uptick in the token value across the sphere. However, things have not exactly played fair, especially since Bitcoin halved.
The ETF approval managed to get BTC back on track by enabling retail and institutional investors and traders to gain exposure without directly holding BTC. Bitcoin Halving simply went on to downplay the bull run. Bitcoin has, at the press time, managed to make a breakthrough out of its consolidation phase, which had a maximum range of $63,000. But the question remains: Will the crypto market rise, or when will it surge?
Many factors are at play here, including inflation data, selling pressure, and the global money supply.
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For starters, the release of US inflation data is anticipated to occur this week. That will facilitate architectural speculation regarding the first-rate in 2024. Industry experts predict a cut will happen in September 2024. Another cut could happen by the end of this year, or it may not happen at all based on the market’s conclusions from the inflation data report.
Next, the selling pressure has not mounted to a peak. Most traders and investors are actively building their portfolios. At best, they are shooting ventures to explore the altcoin segment—these are tokens other than Bitcoin. This does paint a green picture, but the growth rate is moving at a slow pace.
Setting the trend for Bitcoin will more likely pull the market out of its misery, fetching hefty returns to holders in the mid-term, if not in the short term.
Ultimately, the global money supply is taking a considerable amount of time to stabilize. A higher money supply suggests an increase in liquidity and risk appetite. While liquidity is specific to the market, risk appetite is more related to investors who are willing to allocate a larger portion of their fund cap. New capital can enter the market only if both scenarios align straightly. That is, the crypto market will primarily be known for its volatility if liquidity increases and investors are willing to take more risks.
The Global Money Supply has maintained a neutral position since earlier this year. Its future trajectory remains uncertain. Bullish speculation states that there will be a significant surge, while bearish speculation is cautious about the price charts.
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Bitcoin (BTC) has managed to make a mark at $65,900.71, a surge of 6.48% in the last 24 hours. It further reflects a rise of 7.09% over the last 7 days. Ethereum (ETH) is returning to test the resistance of $3,100. It is currently trading hands at $3,009.00, up 3.77% in the last 24 hours and 0.47% in the last 7 days.
