Bitcoin (BTC) is likely to experience a major correction around the Bitcoin halving scheduled for April, according to Aaron and Austin Arnold, the founders of the Altcoin Daily YouTube channel.
Still, they said the price dip will be quickly bought by institutional players such as BlackRock, which have been deeply involved in the market after the approval of the spot exchange-traded funds (ETFs) in January.
Recently Bitcoin broke through its previous all-time high, reaching north of $72,000.
The current rally appears to be driven by BlackRock, Fidelity and other institutional investors that are buying Bitcoin for their new ETFs.
According to Austin, the latest rally caught many retail investors off guard as they were not expecting Bitcoin to rise so rapidly towards its all-time highs.
“A lot of people would welcome a crash. I think the institutions are trying as hard as they can not to let that happen,” he said.
According to his brother Aaron, the big differentiator between this and previous bull runs is that spot ETFs have allowed Bitcoin to cross the chasm between early adopters and the early majority, in reference to the technology adoption lifecycle chart.
“Wall Street is in for real this time,” he said. “That is a big differentiator.”
At the same time, they said the bulk of retail investors have not entered the market yet, which seems to suggest that we are still in a relatively early stage of the bull market.
“Retail largely isn’t here yet based on the social engagement, on Google Trends,” Austin said.
To find out more about Altcoin Daily’s outlook on the current bull market, check out the full interview on our YouTube channel and don’t forget to subscribe!
