“Demeester refers to the findings of the Gallup survey conducted last quarter and showing that less than 0.5% of US investors were considering buying Bitcoin in the near future. Besides, Google search trends and merchants data are not supportive either.”Institutional investment, or lack of it. Many believe that institutional investment will pump up the price of Bitcoin but as it stands, this investment doesn’t seem to be on board. This is due to a number of reasons. The take home message however is that Bitcoin won’t see a surge again until this investment happens. Finally, the lack of a Bitcoin ETF, which is now unlikely to happen this year, could be limiting Bitcoins chance of flying up once again. According to Cryptovest:
“Demeester believes the first Bitcoin ETF won't be approved this year, which might upset those waiting for this move next month. But when it eventually happens, the market may go ballistic as it will make the asset much more accessible for retail investors. He reminds that after the launch of the first gold ETF, the gold price rallied by 350%, and hopes something similar might happen to bitcoin.”See more for yourself, here. What should we deduce from this? Overall, the price of Bitcoin may spike again this year. We could see it reach $10,000.00 which in itself would be a spike. Moreover, Bitcoin could reach $20,000.00 again. The above points though, all things considered, do seem to indicate that at the very best, Bitcoin will struggle to see any spikes throughout the rest of this year. Indeed, the current market climate also reinforces these points.