Russian Experts Predict Bitcoin Bull Market Will Fall Short of 2017 Highs

In a recent report from the Roscongress Foundation, Russian experts weighed in on the current Bitcoin bull market, suggesting that it is failing to reach the heights seen in 2017. Let’s delve into the details:

The Bitcoin market has been buzzing with excitement, but the euphoria of 2017 seems elusive this time around. According to the report, the new all-time-high peak in Bitcoin prices reached in March 2024 was driven by a “speculative game” linked to the approval of spot Bitcoin exchange-traded funds (ETFs). However, unlike the frenzy witnessed at the end of 2017, this surge failed to create a similar stir.

Search Queries and Interest

The authors of the report pointed out that internet search queries related to cryptocurrencies have remained well below their peak values. In 2017, twice as many people worldwide were searching for Bitcoin (BTC) and crypto-related themes compared to the current year. Despite the recent surge, the level of interest hasn’t matched the previous bull run.

ETF Access and Inclusion

Analysts had anticipated that spot Bitcoin ETFs would democratize cryptocurrency investments, making them accessible to a wider range of people. However, the evidence suggests that this hasn’t fully materialized. The “mining-based transaction protocols of the Bitcoin network” still pose an obstacle to full inclusion in the traditional financial system. Cryptoassets are not yet suitable for offsetting, hindering their seamless integration.

Bitcoin as a High-Risk Asset

Market data reveals that most investors still perceive Bitcoin as a high-risk asset, akin to tech stocks. Additionally, BTC’s correlation with stock market movements is stronger than its correlation with assets like gold. As a result, Bitcoin fits the profile of a classic high-risk speculative asset. Despite its growing popularity, it remains a volatile investment option.

While the current bull market may not match the exuberance of 2017, Bitcoin continues to captivate investors and enthusiasts alike. As the crypto landscape evolves, we’ll keep a close eye on how Bitcoin navigates these uncertain waters.