Wall Street Analysts Bullish On Bitcoin, Reveal 3 Major Catalysts For Further BTC Price Rally

Bitcoin is making a comeback and Wall Street analysts are citing three factors that could push it up and make its next move. BTC is getting a lot of buzz, not only as an investment with high risk but also as a possible countermeasure against the general uncertainty of the economy.

The updated forecast was shared by Zaye Capital Markets. The study firm pointed out that Bitcoin’s market behaviour is becoming more complex. BTC can still move with risk assets such as equities. However, it can also be a positive influence when inflation fears and government debt and geopolitical uncertainty prevail.

Bitcoin climbed 2.1% to $79,420 at press time. Earlier in the day, the BTC price had been trading above $80,000 before, for the first time in three months.

Institutional Demand Soars For Bitcoin

The first major catalyst for Bitcoin price rally is stronger institutional participation. More upside is required of genuine buying demand, Zaye Capital Markets said. A surge that is largely fueled by short sellers’ closing trades could be short-lived, they stated.

Recently, around $1.92 billion in combined net inflows have poured into U.S. spot Bitcoin ETFs since August 17. The first day, on August 17, the funds raised $297.5 million; the second day, on August 18, they pulled in $189.3 million.