Cryptocurrency analyst names 4 reasons for further growth of bitcoin

on October 15, bitcoin attempted to storm $ 68,000, the level that BTC last touched in late July 2024. Ryan Lee, chief analyst at Bitget Research, helped to understand the prospects for BTC. The analyst named several reasons for the positive movement of bitcoin that could support further growth of the cryptocurrency.

1. Support from Kamala Harris

One of the key growth factors was the support of cryptocurrencies by US Vice President Kamala Harris. She confirmed her readiness to work on the formation of a legal framework for digital assets. The event, according to Lee, was perceived as an important step in the development of the industry. Her initiative may increase confidence in digital assets amid the upcoming presidential election.

2. Deferral of payments to Mt. Gox creditors

The expert believes that the decision of the supervisors of the bankrupt Mt. Gox to postpone payments to creditors for a year. The move reduced the risks of a BTC sell-off that put pressure on the market.

3. Growing interest of institutions in bitcoin and Ethereum ETFs

According to Ryan Lee, capital injections into cryptocurrency ETFs have become a direct driver of the short-term growth in the value of bitcoin and Ethereum. The expert believes that optimism on Wall Street confirms the high interest in cryptocurrencies among large investors.

4. History

Lee noted that the crypto market has often shown significant growth between the 42nd and 44th week of the year over the past 10 years. This fact increases the likelihood of a further increase in the bitcoin rate amid the positive developments of recent days.

Of course, this is not a guarantee, and serious risks are possible. Despite the optimistic forecasts, Ryan Lee warned against them. One of the factors he calls «black swans» is unexpected events, such as geopolitical conflicts or instability amid the US presidential election. These factors, the analyst believes, can lead to high volatility and negatively affect the cryptocurrency market.

BTC may also be under pressure from Tesla’s sales. On the night of October 16, it became known that the electric car manufacturer, which was one of the largest bitcoin investors, transferred all its coins to an unknown address. Members of the crypto community fear that Tesla may organize a BTC sale that will crash the cryptocurrency.