It seems to be questionable if Fundstrat founder Tom Lee’s expectation for the bitcoin price to go through a “new highs in July” will be possible even though it is certain that the market has been indicating signs of recovery from the seven-month bear market that pushed cryptocurrency valuations lower by 70 percent from their mid-December highs.
On Tuesday evening, the recovery emerged further as the bitcoin price made it to $8,500 for the first time since May 21. On Bitfinex, the dominant cryptocurrency went above this level at around 23:45 UTC, eventually hitting $8,503 before landing back to its present value at $8,446.
Several analyst credit this market’s bull emergence to an increase in interest from institutional investors, as seen by both hard data and anecdotes. Till now, the cryptocurrency market has been immensely driven by retail investors, and insiders including Abra CEO Bill Barhydt have noted that “all hell will break loose” once institutions start to invest in the market.
However, watchful observers are worried that the market has already priced in a bitcoin EFT approval on the part of U.S. watchdogs, a situation that is yet to occur and remain uncertain. If the Securities and Exchange Commission (SEC) seeks for another round of crypto ETF applicants to remove their applications or even release flat-out denials, it might act as an advantage for the bears.