Bitcoin has reached a new historical high this year before the planned halving. This happened in March following massive demand for spot BTC ETFs in the States, which were given the green light in mid-January. This has led to increased hopes that bitcoin will be worth more than $100,000, especially after the halving is completed.

However, this did not happen.  Although after halving BTC several times in May and early June, it was inches away from overcoming the March ATH of almost $74,000, it failed to do so, and subsequent pullbacks pushed it down strongly. In fact, it fell below $50,000 in early August.

According to experts, BTC can overcome the current "sluggish landscape" only if some factors improve. First on the list were general market sentiment and investor confidence.

Currently, their sentiment is "cautious, and the fear and greed index indicates a general sense of fear among investors."

"A shift towards a more optimistic mood, characterized by rising trading volumes and positive news cycles, may help restore confidence in bitcoin. A return to more optimistic forecasts can stimulate more buying activity, which usually leads to higher prices."

Regarding regulation, analysts noted that the approval of spot ETFs was a good sign at the beginning of the year, but global supervisors were unable to double the rate. Perhaps this may change after the upcoming US elections, especially if the "pro-currency" Donald Trump enters the White House.

The Global Economy and Cryptocurrency Adoption

The next factor promoting cryptocurrencies and requiring improvement is the level of acceptance, which is far from possible values.

"The continued growth in the use of bitcoin for transactions, as well as its integration into financial products and services, can become a solid foundation for a bullish trend. As more companies and individuals recognize the value of bitcoin, demand may increase, leading to higher prices."

If we talk about the global economic landscape, then macroeconomic conditions such as inflation and interest rates have always affected the entire cryptocurrency market. For example, BTC rose sharply last week after Powell's promise to lower interest rates in the States.

As a rule, a favorable economic environment in which concerns about inflation lead to increased interest in alternative assets such as bitcoin can support a bullish trend.