"Four indications that Bitcoin is commencing its next bull market."
"Four elements bolstering the case for an imminent Bitcoin bull market, coinciding with BTC's price surpassing $35,000, marking an 18-month high."
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As the prospects for the approval of a Bitcoin exchange-traded fund (ETF) increase, predictions of six-figure BTC prices are growing more common, especially with the April 2024 halving drawing closer, now less than 180 days away.
Bitcoin's price trends often exhibit cyclical behavior, and analysts have drawn comparisons between the current price trajectory and historical patterns, suggesting a potential bullish cycle reminiscent of the period from 2013 to 2017.
BTC/USD 1-month chart (Bitcoin halving marked in yellow). Source: TradingView
Bitcoin's historical bull runs are typically characterized by four-year cycles, often triggered by events like the halving, which reduces the rate at which new BTC is created and earned by miners. The next halving event is scheduled for April 2024, and traditionally, bull runs can commence months in advance and persist until Bitcoin achieves a new all-time high.
In fact, there is a growing consensus that Bitcoin's price will exceed $100,000, especially with the upcoming halving now less than 180 days away.
Furthermore, significant stakeholders are demonstrating confidence in Bitcoin by increasing their holdings. On-chain analytics indicate a trend reversal, with major investors exchanging stablecoins for more Bitcoin, potentially providing momentum for a rally beyond $35,000. Notably, Bitcoin "whales," entities holding at least 1,000 BTC, are accumulating, a pattern that has historically preceded significant price surges.
Bitcoin: Point-in-time accumulation trend score. Source: Glassnode
The discussion surrounding Bitcoin ETFs in the United States has gained momentum, with Bloomberg ETF analysts upgrading the likelihood of Bitcoin ETF approval to 65%. If approved, a Bitcoin ETF could attract more institutional investors into the cryptocurrency space, potentially influencing its price positively.
The overall sentiment in the crypto market, as measured by the Fear & Greed Index, stands at 72, indicating a prevailing sense of "greed" in the market.
