Veteran dealer Peter Brandt stated the potential passage of the US Clarity Act is unlikely to have a big impression on Bitcoin’s value, after indications that it might cross Congress as quickly as January.
“Is it a world-shaking macro growth? Nope. Wanted for certain, however not one thing that ought to redefine worth,” Brandt advised Cointelegraph on Friday. “Having an asset regulated, significantly an asset for which die-hard traders by no means wished to be regulated, will not be an earth-shattering occasion,” he added.
His feedback got here after White Home crypto and AI czar David Sacks said on Thursday, ”We’re nearer than ever to passing the landmark crypto market construction laws.”
“We sit up for ending the job in January,” Sacks stated.
Some say that the Clarity Act has already “been priced in”
Whereas Brandt doesn’t see the Clarity Act as a catalyst that may drive Bitcoin (BTC) again to its all-time excessive of $125,100, he emphasised that the laws would nonetheless be a big step ahead for the broader crypto trade. “The Clarity Act could be constructive as a result of it might enormously make clear the regulatory construction for crypto property,” he stated.
Echoing an identical sentiment to Brandt, Ledn’s chief funding officer, John Glover, advised Cointelegraph that the potential passing of the Clarity Act has already “been priced into the market.”
“I don’t anticipate this occasion to have a big impression on the markets on day 1,” Glover stated, including that any advantages to cost motion are more likely to be extra delayed.
“It’s one other step towards broad-based acceptance of Bitcoin and ETH as investable property, so over time I nonetheless anticipate the value trajectory to be up and to the proper over time,” Glover stated.
Brandt opined that Bitcoin is in a bear market, although stated the Clarity Act might imply his “draw back bias is reasonable.”
Brandt says Bitcoin might fall to $60,000 in 2026
“I consider the charts recommend that Bitcoin might commerce right down to the $60k degree, doubtless in Q3 of 2026,” he stated. That may characterize a 31% drop from Bitcoin’s value on the time of publication of $88,000, according to CoinMarketCap.
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The invoice has been prime of thoughts not just for the crypto trade but additionally for pro-crypto lawmakers.
On Dec. 9, Wyoming Senator Cynthia Lummis, a member of the US Senate Banking Committee and some of the distinguished congressional proponents for addressing digital asset market construction, stated she desires to take the subsequent step in advancing the bill within the coming days.
The senator stated the crypto trade “was getting a little bit involved” in regards to the progress of the invoice, including that drafts had been “modified a lot each few days” throughout bipartisan discussions.
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