Russian Experts Say Bitcoin Bull Market Will Fall Short of 2017 Highs
The current Bitcoin bull market is falling short of the highs of 2017, Russian experts claimed on May 20.
The comments came in a Bitcoin- and crypto-themed report from the Roscongress Foundation, one of Russia’s biggest development-focused NGOs and conference organizers.
The report’s authors claimed that BTC’s new all-time-high peak in March this year was part of a “speculative game” played “against the backdrop of spot Bitcoin ETFs approvals.”
However, March’s sudden growth in Bitcoin prices has since “failed to cause a stir similar to the situation at the end of 2017,” they wrote.
The authors pointed to internet search engine queries “related to cryptocurrencies,” which have “remained well below peak values.”
Michael Novogratz, the founder of Galaxy Digital, said Bitcoin is likely to remain stuck in a relatively narrow trading range for at least the current quarter https://t.co/KuTeCZSVlt
— Bloomberg Crypto (@crypto) May 21, 2024
The authors added that only half as many people worldwide were searching for BTC and crypto-related themes in 2024 as was the case in 2017.
Experts also noted that analysts had claimed spot Bitcoin ETFs would “make cryptocurrency investments more accessible to a wider range of people.”
But the evidence appears to suggest this has not yet happened, the foundation claimed.
The authors explained that the “mining-based transaction protocols of the Bitcoin network” are an “obstacle” to “full inclusion” in the traditional financial system. The authors wrote:
“Generally, cryptoassets are still a poor fit for full integration in the traditional financial system. The main thing holding back traders is the fact that cryptoassets are not suitable for offsetting.”
In the financial world, offsetting (aka “netting”)
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