TL;DR
A recent research conducted by the crypto market data analytics platform CryptoQuant estimated that the mass enthusiasm in Bitcoin (BTC) is a bullish indicator for the price of the cryptocurrency. However, the analysts determined that “there is still little interest and there is no new influx,” meaning the peak of the bull market is “far away,” and investors have time to enter the ecosystem.
The last time BTC’s popularity (according to Google Trends) spiked significantly was at the beginning of November 2021. Shortly after, the asset skyrocketed to an all-time high of almost $70,000.
It is worth mentioning that the interest in the leading digital asset has been gradually rising in the past several months after hitting a three-year low in June this year. Some of the reasons triggering more enthusiasm could be BlackRock’s intentions to launch a spot BTC in the United States and the overall revival of the cryptocurrency market lately.
The rising interest is not the only condition for BTC’s price to start ascending (according to ChatGPT). The AI-powered language model suggested that institutional investments, mass adoption, macro-economic environment, regulation, and technological developments would also determine the next bull run. ChatGPT paid special attention to regulations, saying:
“Regulatory developments can have a significant impact on the cryptocurrency market. Clarity and favorable regulations can boost confidence and encourage investment, while unfavorable or uncertain regulations can have the opposite effect.”
On that note, it is safe to assume that Ripple’s potential decisive battle in its lawsuit against the US SEC and a possible approval of BlackRock’s filing (or such of another financial giant) for a spot BTC ETF could benefit the entire cryptocurrency sector.
Meanwhile, in an interesting video, we’ve looked at the exclusive clubs of Bitcoin billionaires. It turns out that they are a lot fewer than one would expect. Find out more here:
