Bitcoin
Is Bitcoin Price About to Enter a Bull Run?
The price of Bitcoin seems to be on the rise once more, and while the rise that the coin has been seeing in the past two months has been gradual and rather hesitant — it still proves that the largest crypto is slowly dragging the space out of the bear market. The bearish 2018 left a large mark on Bitcoin price, and the crypto winter still has a minor influence, but the main reason why the coin’s value remains low now might be the lack of large cash flow.
Even so, Bitcoin has seen some significant recovery recently. After reaching the lowest point in 2019 at the price of $3,400 on February 7th, BTC managed to steadily grow by over 13%. Immediately after the coin reached this low point, a series of bull runs started bringing it up, past several resistance levels.
The largest ones were at $3,600 and $4,000, but the coin currently remains above both, with its price at the time of writing being at $4,057. Further, BTC managed to remain above the $4,000 mark for nearly two weeks, not counting one minor drop that occurred on March 25th, and which was corrected in less than two days.
But, will Bitcoin experience a true bull run, like the one in 2017? Well, probably not. 2017 was the year of hype when cryptocurrencies emerged from the shadows of the dark web and shady usage. They presented themselves to the world and demonstrated the alternative to traditional banking. This attracted thousands of investors, and such a massive jump in demand caused the bull run which suffered a year-long correction which we now know as the crypto winter of 2018.
However, the hype is over, and the digital coins are now well known around the world. Such a massive surge will likely never come again, but it is possible that we might soon see one that can easily claim the second place in terms of size.
Bitcoin will definitely see a new bull run
Many were bullish about Bitcoin in 2019, and not only regular crypto enthusiasts. Even billionaires such as Mike Novogratz, Changpeng Zhao, and many others expect to see a growth of Bitcoin price soon. Institutional investors are finally making moves towards the crypto industry. They may be slow and hesitant, but they are moving, which is a huge step in the right direction.
Banks like JP Morgan, and even massive social networks like Facebook, are supposedly creating their own coins. While these will likely not be the real cryptos, they will reach millions, or even billions of people, and introduce them to cryptocurrencies. Once the interest spikes, people around the world will start researching crypto deeper, and they will notice that these coins are not good. However, they will also realize that they can just switch to BTC as a much better alternative.
Meanwhile, Bitcoin will likely get its Lightning Network, which will significantly improve its speed, cost, and scalability, and it will be able to serve a massive wave of new users. And, as the coin’s capacity is capped, the existing coins will have no choice but to surge in price as soon as the demand skyrockets.
With increased demand and acceptance, Bitcoin will also receive new use cases, as merchants around the world will start accepting the coin in their desire to be innovative and remain relevant, which will drive the adoption further.
In other words, yes, a large bull run does lie in Bitcoin’s future. The only requirement is time, but time is also needed for the coin to recover from the price decline which it suffered in 2018. This massive bull run might not arrive in 2019, but it is coming, and 2019 will be the year of recovery and growth, where Bitcoin will prepare itself for the mass adoption which is to come in the next several years.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Photo by San Fermin Pamplona from Pexels
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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