The Roscongress Foundation, a prominent Russian conference organizer, released a report indicating a potential slowdown in the bitcoin bull market trend. Russian experts suggest that Bitcoin's recent price surge is tied to speculation surrounding the approval of spot Bitcoin ETFs, resembling trends observed in 2017. They note a decline in crypto and bitcoin popularity compared to 2017.

The experts' opinion supports the notion that spot bitcoin exchange-traded funds will expand crypto investments to a broader audience but highlight the threat posed by mining-backed Bitcoin transaction protocols to full integration into the traditional financial ecosystem.

The report underscores that crypto assets are not ideal for offsetting purposes in the traditional financial ecosystem, as they are deemed high-risk and akin to tech stocks. Russian experts observe Bitcoin's association with stock market trends rather than with traditional assets like gold, emphasizing its speculative nature and high-risk profile.

Russian experts note the lukewarm response in the bitcoin market to the April halving event, emphasizing the role of investor risk appetite in asset behavior. They attribute temporary price spikes to crypto investors' speculative play around US exchange-traded fund approvals.

The report presents a wide range of bitcoin price predictions for the end of 2024, with forecasts ranging from $50,318 to $121,764. It also highlights the significant growth of stablecoin capitalization since 2017, contributing to the resurgence of the bitcoin bull market trend in 2021 and 2024.

Factors such as the increase in stablecoin supply and pricing transfers to virtual spaces have fueled bitcoin price growth in recent years. Russian experts anticipate dramatic growth in bitcoin and altcoin mining by 2024.

Despite recent developments, the report suggests that the excitement surrounding bitcoin's price surge is subdued compared to 2017, with short-term price fluctuations being commonplace due to speculation. This surge reflects global investors' cautious approach and wider hesitancy in the global financial market.