JAKARTA – While the price of Bitcoin is consolidating, Lark Davis, a crypto investor, predicts that the Bitcoin consolidation period is currently entering a calm phase before the next bull run.
Davis recently revealed via Twitter that although the crypto market is starting to calm down, he remains optimistic about Bitcoin’s future. He highlighted the increased interest from institutions as a positive indicator.
Davis considers this consolidation period as preparation before the spike. He stressed that, despite the negative sentiment on Twitter’s Crypto, there is significant progress that is ongoing behind the scenes.
He highlighted plans to launch Bitcoin ETF in Hong Kong which will start trading next week. He also alluded to the readiness of countries such as Japan, Singapore, South Korea, and mainland China to adopt Bitcoin, signaling a broader adoption trend.
The Importance Of Morgan Stanley’s Decision
Not only that, Davis also stressed the importance of Morgan Stanley’s decision to allow his 15,000 brokers to recommend Bitcoin ETF to their clients, potentially bringing large institutional funding flows to the crypto market. He added, ETF Bitcoin and crypto whales continue to buy thousands of Bitcoins every day.
On the other hand, data from IntoThe Block shows a large increase in transactions above 100.000 (approximately IDR 1.6 billion) to 8.529 transactions on April 25, up from 4.882 transactions on April 20.
Although the market currently seems calm, Davis warned that many market players remain optimistic for the long term. The data shows that the majority of Bitcoin holders are still profitable (90%), reflecting strong confidence in the future of these assets.
Read More: Bitcoin Prepares To Soar, This Is According To Lark Davis
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