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Bernstein: “BTC May Renew Its ATH In This Bullish Cycle”

In a report released this week, leading Wall Street research firm Bernstein claimed that Bitcoin in a new bullish cycle could renew its all-time high. In his research report, Bernstein mentioned that the FTX collapse was the catalyst for a new bullish cycle in the crypto markets. The report emphasized that with the collapse of a crypto exchange like FTX, the market was cleared of a toxic structure. It was also mentioned in the report that crypto investors have learned an important lesson from this event and understand how important it is to decentralize and keep their assets under their own custody.

Bernstein researchers said that macroeconomic conditions are also starting to work in favor of Bitcoin. Accordingly, it is thought that the continuing weak balance sheet structures in the small-scale banks of the USA and the outflow of funds from the 4 big banks of the USA and money market funds reflect the concerns about the central currency. In addition, the report emphasized that the transaction fees on the Ethereum Blockchain network have tripled, while the increase in the number of users in the post-FTX period was mentioned.

According to Bernstein researchers, besides the macroeconomic catalysts, a number of positive factors have emerged for the crypto ecosystem, such as positive developments in Bitcoin mining, the successful upgrade of the Ethereum network, and the recent intense interest in Ethereum scaling solutions such as Arbitrum. Despite these positive factors, the researchers think that the current crypto cycle has not yet found enough support.

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