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ToggleSince falling below the $100,000 mark at the end of last year, Bitcoin (BTC) has undergone a five-month period of consolidation. With market funds increasingly shifting towards other technology sectors such as AI, many crypto investors are beginning to worry: Does Bitcoin need a strong "new narrative" to regain its former glory?
Michael van de Poppe, founder of MN Trading Capital and a well-known crypto analyst, gave a negative answer to this.
"As prices rise, narratives will naturally emerge."
In a Friday X (originally a Twitter) post, van de Poppe offered a radically different perspective on the major market question, "What narrative could bring Bitcoin back to $100,000?"
"There is absolutely no need for any narrative to drive up prices."
"Once prices rise, narratives will naturally follow."
He further emphasized that in the current market environment, investors should abandon the mentality of blindly chasing market trends. He pointed out:
"That's why we can succeed simply by using mathematics, statistics, and logic. That's also why Bitcoin's current price range is still a good area for accumulation."
van de Poppe points out that the AI industry has stolen the spotlight from Bitcoin in recent months. For example, NVDA, the AI giant, has seen its stock price rise by 5.08% since January 1, while Bitcoin has fallen by about 10% during the same period, showing a clear crowding-out effect on funds.
Will the Clarity Act be a catalyst for a surge in prices?
Despite analysts' calls for a return to fundamentals, most market participants are still closely watching potential catalysts such as the Federal Reserve's interest rate decisions, the flow of funds into spot ETFs, and US regulatory developments.
Among them, the U.S. Clarity Act, which aims to provide clear rules for the crypto industry, is highly anticipated. Coinbase's Chief Legal Officer, Faryar Shirzad, also called on Friday for the legislation of the Clarity Act to be completed, given the new stablecoin yield terms.
However, Peter Brandt, a veteran trader with decades of experience, poured cold water on the idea. He stated bluntly that while the Clarity Act is undoubtedly a positive step for the industry, it is unlikely to be the primary driver of Bitcoin's price increase. Brandt said:
"Is this a groundbreaking macro development? No. It is certainly necessary, but it's not the kind of thing that will redefine the value of (Bitcoin)."
White House teases: Trump's "BTC reserves" are about to undergo a major move.
Since regulatory legislation is unlikely to be the ultimate positive factor, what about "national-level buying"?
At the Bitcoin conference in Las Vegas this week, White House cryptocurrency advisor Patrick Witt dropped a bombshell. He previewed attendees that a major formal announcement was expected "in the coming weeks" regarding President Donald Trump's promised "Bitcoin reserve" plan.
If the US government does indeed initiate a substantive acquisition or legislation of a national-level Bitcoin reserve, this unprecedented "super narrative" may become the strongest fuel to directly propel Bitcoin back above $100,000.
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