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Bitcoin investors probably want to forget the past 12 months on the heels of the collapse of FTX the world's biggest digital currency started this year at around sixteen thousand five hundred dollars since then Bitcoin bounced back around 60 percent but in recent months has been stuck in a tightRange between roughly twenty five thousand and thirty thousand dollars in 2023 investors have weathered a slew of Industry bankruptcies low trading volume and a regulatory Crackdown in the U.S which have kept the cryptocurrency below thirty two thousand dollars not to mention the closure of crypto friendly Bank silver grading signature back inMarch people were scared about am I going to be able to make payroll if I'm a small business owner am I going to be able to access my funds what does this mean in terms of you know I thought my assets were safe now it feels like it's more someone else's liability andWhether or not they can pay it back to me that kind of a change in sentiment has a real effect on bitcoin and if there's tremendous headwinds uh for not just the crypto Market but for markets in general um in the world everything from macroeconomic stuff and inflation toSocioeconomic stuff and political unrest and all of this 2023 has been an interesting year and then on the crypto Marketplace there's additional headwinds in the form of the banking the banking challenges from earlier in this year coming out the FTX situation and then the regulatory uncertainty all of theseThings are a bit of a drag on the marketplace now investors have been searching for a catalyst that could spark bitcoin's next prolonged rally and that good news doesn't seem too far away with ETFs regulatory charity and something called the having on the horizon back in June a whole host of assetManagers spearheaded by the world's largest BlackRock filed to launch spot Bitcoin ETFs those are funds that track the price of the crypto asset the moves immediately spurred a wave of buying as investors hoped Wall Street was poised to go big on bitcoin BlackRock is just so much bigger and so much moreImportant than these other companies that have filed that if BlackRock does have an ETF you just know they're going to win they have the resources they have the marketing the distribution to put new people into Bitcoin then another boost for crypto when Ripple got a partial win over the SEC a judge ruledIn July that the crypto firm's native xrp token is not a security in some cases and in August a federal court cited with digital asset manager grayscale over the SEC in its attempt to convert its Bitcoin trust into an ETF we look at the price of Bitcoin following the grayscale ruling it immediatelyPopped up six percent right after their ruling was announced and this is a logical reaction to the news but it was driven primarily by that fear of missing it was driven by retail consumers saying hey this is good news I'm going to react to this good news however it thenRetraced and is now trading more in the zone where we would expect it to be based on historical Trends and based on where we are in the current market cycle now the question is if those ETFs get approved will it spark significant long-term gains for the cryptocurrencyIt almost certainly will if you look at Wall Street backing right now every single major firm is trying to do something in the Bitcoin space and that wasn't true even a few years ago the narrative has completely changed and when those spot ETFs are approved not only will that be massively significantFrom a narrative perspective but also Bitcoin is inherently Limited in its Supply and so when there's additional demand and possibly massively in additional demand and the same Supply it's only natural that the price would spike so we are we are expecting this to be a major Catalyst for Price action in2024. so with all the optimism building as we head into next year are we about to see bitcoin's price explode right now it's still hard for people to move into Bitcoin the cryptocurrency's recent prices are more than half of its all-time high of nearly 69 thousand dollars reached in November 2021Something idx digital assets CIO Ben McMillan attributes in large part to the fastest rate increase in the history of the FED Rising rates start to reprice risk assets and all of a sudden you know we're talking to a lot of institutional investors who are saying listen if I canGet you know five four five six percent in treasury bills you know why would I take any any risk elsewhere and so that's kind of the big story across macro Assets Now layer on top of that crypto had its own crypto winter in the form of regulatory crackdowns and we hadA lot of Bad actors flushed out which ultimately is a good thing the STX Scandal of course was a huge Scandal unto itself and so as investors work through that you couple that with the regulatory overhang and there's still there was a lot of uncertainty kind ofComing into 2023. I think the good news is that we're starting to get through some of that regulatory uncertainty we're seeing things like spot filings from from BlackRock which are very encouraging for investors longer term and so they're starting to be a lot of view of the tunnel that could supportInvestors especially institutional investors to buy back into Bitcoin and Gavin Michael the CEO of the publicly traded crypto platform back says that could be one of the drivers of bitcoin's next Bull Run approval of the ETFs is about increasing participation it's about more people having exposure to the Bitcoin asset in their portfoliosThrough the ETF product I think we've got the fourth Bitcoin halving coming up in the first half of next year traditionally that signaled a strong positive run in the price in fact the first ever having in November 2012 saw the price of Bitcoin ballooned by 384 according to CC data the market movingEvent typically happens every four years and it's when the reward paid out for mining Bitcoin is cut in half the one nice thing about Bitcoin is that you know the supply is 100 transparent that could be modeled out for decades because we know exactly what it is it'sImmutable code and so that's why there's such interest around having and we've seen that rallies coming into the habiting and we're coming up on you know the next diving year not that far off and so we would expect that absolutely to you know contribute the price of positive fashion one other CatalystRegulatory advancements for crypto around the world Hong Kong has comprehensive legislation in place so does the EU through Mica we have good comment papers in the in the UK we're seeing that the The Regulators really start to work hard to bring Market structure to the digital asset space andI think Bitcoin will benefit from that as well so with all that positive momentum is a Bitcoin Bull Run imminent I think at Walt Ryan is certainly in the cards um the question of course is what longer term when you look up three five ten years the bookcase would be quite asFrankly as strong as it's ever bet but that doesn't mean that it exists in isolation the macro economy investors have to choose how to allocate their risks and so Bitcoin isn't always but likely will be a very risky asset and so when you have things like interest ratesRising as quickly as they did or staying longer for higher that's absolutely going to impact risk assets of which Bitcoin sits at the top and so I do think in the near term you know we urge caution which you know we always do when it comes to bitcoin but in particular IThink there could be some link this absolutely and kind of you know the back half of this year potentially even she wanted next year but after that things start to look you know really encouraging for Bitcoin longer term Noelle Atchison author of The crypto is macrodown newsletter says the return ofVolumes liquidity and volatility is key to Kickstart bitcoin's next full run but that's not all any announcement of a large investor stepping in any announcement of a foreign Central Bank perhaps deciding to accumulate Bitcoin as reserves which I fully expect to happen fairly soon and on the macroFront any signs of monetary liquidity coming back into the market which let's face it would probably be for not very good reasons in other words a meltdown and signs of a recession but that would also be enough to get investors back into risk assets and Bitcoin is arguablyOne of the most liquidity sensitive risk assets out there so any of those factors in my opinion would be enough to trigger the next Catalyst the next Bull Run upwards but the market just doesn't feel ready for that yet but some think of Bitcoin will run is all already underwayI think we're in the early stages of that full cycle now if you look at bitcoin's Price recovery even just this year it's significant and last year was all doom this year we're seeing the slow momentum up and now we're seeing that sideways movement and that sideways movement is like a springboard theLonger it moves sideways the Tighter and Tighter that coil gets and that means that when it's time to explode it'll explode even harder than it would if that action were just consistently moving on

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