Russian Experts Predict Bitcoin Bull Market Will Not Reach 2017 Peak

Bitcoin Bull Market Expected to Fall Short of 2017 Highs, According to Russian Experts


By Tim Alper
Updated on May 21, 2024, 19:30 EDT
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Reading time: 3 minutes


Russian experts have stated that the current Bitcoin bull market is unlikely to reach the heights seen in 2017. These comments were made in a report on Bitcoin and cryptocurrencies by the Roscongress Foundation, a prominent NGO and conference organizer in Russia.
The report suggests that the peak in Bitcoin prices reached in March this year was a result of speculative trading surrounding the approval of spot Bitcoin ETFs. However, the subsequent growth in Bitcoin prices failed to generate the same level of excitement as seen at the end of 2017.
The authors of the report pointed to internet search trends related to cryptocurrencies, which have remained significantly lower than the peak levels observed in 2017. They noted that in 2024, only half as many people worldwide were searching for Bitcoin and crypto-related topics compared to 2017.
Despite expectations that spot Bitcoin ETFs would make cryptocurrency investments more accessible to a wider range of people, the report suggests that this has not yet materialized. The authors highlight the mining-based transaction protocols of the Bitcoin network as an obstacle to full inclusion in the traditional financial system.
According to the report, market data shows that most investors still view Bitcoin as a high-risk asset, similar to tech stocks. The authors argue that Bitcoin is more strongly correlated with stock market movements than with assets like gold, making it a classic high-risk speculative asset.
The report also mentions the weak reaction of the Bitcoin market to the halving event in April. However, it does acknowledge that in the long run, the approval of spot Bitcoin ETFs in the United States could have a positive impact on the market.
The authors caution that temporary price increases are often driven by speculative trading based on ETF approvals in Washington. They also note that there is a wide range of Bitcoin price forecasts for the end of the year, suggesting uncertainty in the market.
Furthermore, the report highlights the growth of stablecoins since 2017 and their influence on the Bitcoin bull market. Stablecoins, which are cryptocurrencies pegged to a stable asset like a fiat currency, have contributed to the rise in Bitcoin prices in both 2021 and 2024.
In conclusion, the experts believe that the all-time high peak in 2024 was partly due to the increased supply of stablecoins. Earlier this month, Russian experts predicted a 20-40% growth in BTC and altcoin mining before the end of the year.
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