- Bitcoin will soon enter into a bull market, according to many signs as per Crypto Analyst.
- The current BTC cycle shows the market is very near a massive bullish run.
Bitcoin is the apex cryptocurrency in the crypto industry. Oftentimes, other cryptocurrencies follow the steps of this cryptocurrency, including the bullish and bearish cycles. So, this article will provide ten reasons Bitcoin will go into full bullish mode at the end of this cycle. This is according to a post made in X (formerly Twitter) by Stockmoney Lizards.
Long-term Investors are HODLing Bitcoin At a High Rate
- The number one reason Bitcoin will go into full bullish throttle at the end of this cycle is the amount of BTC hodlers. So, the total supply of BTC tokens by long-term investors is at an all-time high of more than 15 million BTC tokens.
- It is important to note that this is a number one scarcity factor. Many people holding on to a large number of BTC for a long time makes the token scarce. So, as more people hold on to Bitcoin in large numbers, the available supply on the market diminishes, driving prices higher.
The Upcoming Halving Event of April 2024
- In the crypto industry, a halving event takes place every four years, and it’s mainly for proof-of-work protocols. Since the inception of BTC, it runs on the proof-of-work model of blockchain. So, the last halving event was in 2020, and the next is in 2024.
- The upcoming BTC halving event will contribute massively to a massive bull cycle. Historically, whenever there’s a BTC halving event, the price goes higher. So, apart from this, a halving reduces the amount of Bitcoin rewards for miners. This is another scarcity factor that will drive up BTC prices.
Repetition of the BTC Cycle
- A good study led to the establishment of the BTC cycle. The BTC cycle is simply a series of events, with each phase leading to another. So, the four major phases of the BTC cycle are an all-time high, a bear market, pre-halving action, and a bull market.
- The market is currently between the bear market and the pre-halving action. So, we are much closer to the bull market than many crypto enthusiasts realize.
Bitcoin Isn’t A Security
- Whatever happens within the crypto landscape of the United States is not the concern of Bitcoin. The Securities and Exchange Commission said many times that BTC isn’t a security. So, there’s no concern about the lack of regulatory compliance on the part of BTC.
- It is only assets like Ethereum and other cryptocurrencies that are under the classification of securities. So, this is the reason the SEC is always pursuing many exchanges for selling securities.
Crypto Adoption is Increasing to New Levels
- One of the things that many people aren’t talking about is the massive adoption of cryptocurrencies. This is not when people were overly ignorant of BTC and other cryptocurrencies. So, the number of people and brands accepting the use of BTC and other cryptocurrencies is increasing.
- Countries aren’t left out, as those like El Salvador are leading the lines. So, crypto has become a major topic for important national decisions such as elections. We can see it in the case of the upcoming Argentina elections.
The Network Capacity of BTC is Well-prepared
- There are no ill-preparations on the part of Bitcoin, especially with the network. BTC isn’t new to adverse situations, and it is in excellent condition for what is to come in the future. So, many investment firms are applying for spot BTC ETFs.
- The SEC approving these ETFs means a broader audience will start using Bitcoin. So, there are over 110 trillion transactions on the Bitcoin network. This simply shows there are excellent preparations to accept a wider audience.
Hedge Against Inflation
- BTC is turning to become a major tool or hedge against inflation. According to data from Trading Economics, there are many countries across the world suffering from high inflation. So, Bitcoin functions as a hedge against this high level of inflation.
- There’s also a massive rate of devaluation of currencies. So, many investors are storing many of their assets in BTC to prevent economic uncertainties from affecting them.
Bitcoin is a Preferred Store of Value
- Many things are going wrong in different parts of the world. There are cases of natural disasters and wars between countries. So, Bitcoin is the perfect store of value in these uncertain situations.
- We can see that in the case of the Russia-Ukraine war, donations were made to Ukrainians using BTC. So, whenever there’s something wrong, BTC plays a massive role in providing financial inclusion.
Psychological Factors are in Favor of Bitcoin
- Many psychological factors are in favor of Bitcoin, assuming there’s a slight price rise. So, some speculative traders are only waiting for signs of a bull market to start speculative trade.
- This can affect BTC positively. In most cases, these speculative traders will start predicting BTC’s price to increase. So, this could further make Bitcoin prices increase during the bull market.
Technical Analysis Shows Bitcoin Is Near a Massive Bull Run
- If you are within the crypto industry, technical analysis is a huge part of crypto tokens, including Bitcoin. So, the recent technical analysis shows that BTC is in the right direction for a massive bull run.
- The chart shows the bull run will most likely start after the halving in April 2024. So, there’s still a lot of time to buy Bitcoin before the bull market begins.
Conclusion
In the market, many reasons are showing that Bitcoin is closer to the bull market than many crypto enthusiasts suppose. So, navy signs such as the increasing adoption of the apex cryptocurrency and the current BTC cycle project a massive incoming bull market.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
