Bull Market Comeback? Market Upside Views Compilation: $69,500 Key Level for Bull-Bear Reversal, Institutional Demand, Regulatory Narrative Resurges

BlockBeats News, August 20th, after a long silence in the crypto market, tonight saw a strong uptrend. According to HTX data, Bitcoin surged above $69,000 at one point, with a 24-hour increase of about 5.7%; Ethereum surged above $2,100 at one point, with a 24-hour increase of about 8.8%; the total market capitalization of the crypto market rose to around $2.4 trillion, with a 24-hour increase of about 4.7%.

Recently, bullish views from many market participants have begun to emerge. Killa, a well-known trader who had accurately predicted the bearish path of this round of Bitcoin, recently stated that Bitcoin has rebounded from a low and waiting for the "perfect bottom" may cause missing out on the subsequent uptrend. His long-term target remains above $150,000, and he believes that the traditional four-year cycle may ultimately undergo a change.

Killa mentioned that Bitcoin's 200-day moving average is currently around $69,500, and all that is needed next is for Bitcoin to retest and hold above the 200-day moving average; once this action is completed, the market can be officially considered to have turned into a bull market. This view was further confirmed during tonight's market, as Bitcoin quickly surged but met resistance and retraced precisely at the $69,500 level.

The institutional narrative is also leaning towards optimism. Bitwise CIO Matt Hougan recently stated that the crypto market is repricing "income-generating on-chain assets," and the valuation of some protocols is expected to rise with actual revenue capture. Bitwise Europe also mentioned in its August report that institutional demand is showing signs of reacceleration, with ETP inflows, high holdings by long-term holders, and corporate treasury demand stabilizing, all forming potential support for the subsequent market.

During an appearance on The Rollup podcast, Matt Hougan mentioned that Bitcoin is "unfazed" by bad news, indicating that the bear market may be nearing its end. He believes that out of the $20 trillion in assets under management by the four major Wall Street wealth platforms (Morgan Stanley, Fidelity, UBS, and Bank of America Merrill Lynch), if only 1% to 2% were allocated to crypto, it would result in continuous inflows of hundreds of billions of dollars.

VanEck stated in a mid-August report that Bitcoin may be approaching or already in the accumulation phase, with 8 out of 12 surrender signals triggered, and historical patterns suggesting a turning point may occur in November.

Grayscale Research Director Zach Pandl also stated at the end of July that he believes the bottom of this round of the Bitcoin bear market may come earlier than the traditional four-year cycle.

On the regulatory front, the market is also reassessing the bullish weight. The SEC's latest Crypto proposal may provide a clearer framework for token financing. If the compliant issuance path gradually opens up, the primary market, exchanges, and on-chain protocols may all see new incremental fund inflows.

It is worth noting that earlier tonight, it was reported that President Trump is currently meeting at the White House with SEC Chairperson Atkins, CFTC Chairperson Stelz, as well as executives from Coinbase, Ripple, Gemini, Polymarket, Kalshi, Nasdaq, NYSE, CME, and DTCC. The meeting is in preparation for the CFTC's Innovation Advisory Committee meeting scheduled for Thursday. The rapid rise of Bitcoin tonight occurred during this meeting.