David Siemer, the CEO of Wave Digital Assets, has observed a significant divide between traders and high-net-worth individuals regarding the outlook on bitcoin (BTC). As bitcoin fluctuates between $90,000 and $95,000—over 10% lower than its recent all-time high—a clear contrast is emerging. Traders, leaning on technical analysis, are anticipating another potential dip, while long-term investors are steadfast in their belief that the bull market is far from over.

Siemer, whose firm serves clients such as Charles Hoskinson, CEO of Cardano, expressed that in his 14 years of experience in the crypto market, he has never seen such a stark contrast. “The traders are hedged, nervous, and mostly neutral, while long-term holders are incredibly bullish,” he noted. “This situation is unprecedented.”

Siemer himself holds an optimistic view, stating that the possibility of bitcoin reaching $200,000 within the year is highly likely. “Do I believe we’ll see $1 million per bitcoin in my lifetime? Absolutely. It’s not happening next year, but it’s coming,” he added. He believes that the next six months will see more significant developments in the crypto space than many anticipate.

A key factor behind Siemer’s optimism is the increasing global adoption of cryptocurrencies. Many countries—including the U.S., Russia, Singapore, the UAE, Japan, South Korea, and some European nations—are preparing to implement crypto-friendly regulations. This, according to Siemer, will positively affect the private sectors within these regions. “In countries like Japan and Singapore, where there is a deep trust in government institutions, the approval of crypto regulations will be seen as a reliable move for the market,” he explained.

The rise of U.S. spot bitcoin exchange-traded funds (ETFs) has also spurred interest in the space. Siemer pointed out that these ETFs have changed the landscape, forcing traditional financial institutions to innovate. “The U.S. ETFs decimated many existing bitcoin exchange-traded products,” he said. “They charged high fees, and those products were crushed in comparison.”

On the regulatory side, Siemer expects the U.S. to continue moving toward more supportive measures, and he anticipates that the European Union will refine its Markets in Crypto-Assets Regulation (MiCA) to better accommodate the growing crypto ecosystem.

Siemer also foresees more countries establishing strategic bitcoin reserves, with several U.S. states, including Texas, Ohio, and Wyoming, exploring the creation of such reserves. He believes that this trend will not be limited to the U.S. and could extend to other countries as well. As for the U.S. federal government, Siemer is cautiously optimistic. “The U.S. already holds nearly $19 billion in bitcoin,” he noted. “If they simply hold onto it, that could serve as a solid foundation for a national reserve, and it’s far easier for taxpayers to accept than buying new bitcoin.”