Bitcoin (BTC) is poised to undergo a significant correction in the lead-up to the Bitcoin halving event in April, as predicted by Aaron and Austin Arnold, the founders of the popular Altcoin Daily YouTube channel. However, they believe that any price dip will be swiftly absorbed by institutional players like BlackRock, who have been actively participating in the market following the approval of spot exchange-traded funds (ETFs) in January.
Bitcoin recently surpassed its previous all-time high, surging above $72,000. The current rally appears to be driven by institutional investors such as BlackRock and Fidelity, who are purchasing Bitcoin for their newly established ETFs. This sudden surge caught many retail investors off guard, as they were not anticipating such a rapid increase towards the all-time highs.
“A crash would be welcomed by many people. However, the institutions are working tirelessly to prevent that from happening,” Austin remarked. According to Aaron, the main distinguishing factor between this bull run and previous ones is the introduction of spot ETFs, which has bridged the gap between early adopters and the early majority, as depicted by the technology adoption lifecycle chart. “Wall Street’s involvement is genuine this time,” he emphasized. “That makes a significant difference.”
Furthermore, the Arnold brothers noted that the majority of retail investors have yet to enter the market, indicating that we are still in the early stages of the bull market. “Based on social engagement and Google Trends, it seems that retail investors have not fully arrived,” Austin explained.
For a comprehensive understanding of Altcoin Daily’s perspective on the current bull market, we invite you to watch the full interview on our YouTube channel. Don’t forget to subscribe for more insightful content!