Markus Thielen, head of research at Matrixport, said in a new report that the 2023 Bitcoin rally will be divided into five phases: first, a reaction to inflationary trends, followed by the banking crisis response, the surge caused by BlackRock ETF filing, the Federal Reserve The final impetus for policy changes is the development of the U.S. SEC’s regulation of Bitcoin ETFs.
Thielen said that Bitcoin does not move randomly, and that a mix of crowd psychology and macro factors are key drivers, while liquidity and market structure considerations help understand short-term trends
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