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Bitcoin And Ethereum Could Get Out Of Bear Market Due To A Catalyst

The crypto market looks pretty bloody today. At the moment of writing this article, most of the important coins are trading in the red. Check out the latest reports about the potential catalysts that could take BTC and ETH out of the bear market.

BTC and ETH prices could surge

Galaxy Digital CEO Mike Novogratz addressed the fact that there is one catalyst that he predicts will end the prevailing crypto downturn.

When he was asked by a Bloomberg TV host in a new interview what will get Bitcoin (BTC) and Ethereum (ETH) out of the bear market, Novogratz said that for Bitcoin, it is the macro-environment.

He continued and said that Ethereum and other crypto assets would rely largely on innovation and to a certain extent, the macro conditions, to get out of the bear market.

“For Bitcoin, it’s about the macro. But for the rest of crypto, the Ethereum ecosystem, and all the other layer-1 and layer-2 blockchains being built, and what’s built on top of them, that’s an inevitable march just starting to change how we actually operate.”

He continued and explained this:

“And there’s a tremendous amount of venture capital that continues to come into the space – $5 billion last quarter, $9 billion the quarter before that. If you look at from Citadel to JPMorgan to the Bank of New York, BlackRock, the biggest players in traditional finance are actually making huge investments in and around this architecture.”

Bitcoin optimistic predictions

It’s been just revealed that the popular crypto trader and analyst Tone Vays is predicting that Bitcoin (BTC) will hit a six-figure price in 2023.

In a Kitco News interview, he made sure to explain the fact that Bitcoin’s next halving cycle will trigger a bull run next year.

Vays said that he would be “surprised” if BTC doesn’t reach six-figure prices in the coming months.

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