A widely followed crypto analyst is identifying the potential catalysts for the next crypto bull run, saying that the demand for digital assets outside of the US could spike.
In a new video update, Guy Turner, the host of Coin Bureau, tells his 130,000 subscribers that regulators “sorting themselves out” could serve as the next spark for an industry-wide expansion.
“Certainly, if we did see some good regulations in the United States, if US politicians came to their senses, and the SEC [U.S. Securities and Exchange Commission] sorted itself out, then yeah, that could be a catalyst for a huge bull run.”
Turner says he expects a bull market to start sometime next year, but notes that a potential drawn-out legal battle between the SEC and Coinbase in court doesn’t necessarily mean good regulations are on the horizon.
Earlier this month, the SEC issued a Wells notice, or a memo informing Coinbase that it may face an enforcement action from the regulator.
“When you have capital being allocated towards Bitcoin [and] Ethereum, [altcoins] tend to lose out, so I think that’s why we’re not seeing huge pumps for alts at the moment, and I honestly don’t think we will until as I said that bull market comes back probably next year…
There is a danger that Coinbase and the SEC could be facing off in court for a long time. However, I don’t think necessarily that would be a sudden raft of decent regulations and an end to a possible Coinbase suit. Remember, if Ripple’s anything to go by, a Coinbase suit could drag on for years, so there’s those things to consider.
I also think we could see a bull run regardless, if neither of those things come to pass, even if we don’t get regulatory clarity in the United States.”
Guy says that overseas interest in crypto assets is on the rise, particularly in Asia, as Hong Kong is set to legalize crypto trading in the coming months.
“There are a lot of people at the moment who believe that the next bull run is going to come from Asia in particular, and remember Hong Kong is legalizing crypto trading this summer in just a couple of months time, so I think we’re likely to see a lot of renewed interest in crypto from Asia and elsewhere.”
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