Bull Run in Cryptocurrencies Cryptocurrency traders are excited about the term “Bull Run,” as it indicates a golden opportunity to grow their wealth by investing in Bitcoin and other major cryptocurrencies.
After the cryptocurrency boom of 2021, most digital assets prices have been on a downward trend, remaining far from their all-time highs until 2023. Bitcoin then steadily rose and reached new highs in 2023.
Bitcoin traders are interpreting the recent price surge as a preparation for a new Bitcoin bull run, which appears to be approaching in the near future.
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Bull Run in Cryptocurrencies Bull Run in Cryptocurrencies
Bull Run in Cryptocurrencies Cryptocurrency traders are excited about the term “Bull Run,” as it indicates a golden opportunity to grow their wealth by investing in Bitcoin and other major cryptocurrencies.
After the boom in cryptocurrencies in 2021, most digital assets prices have been on a downward trend, remaining far from their all-time highs until 2023. Bitcoin then steadily rose and reached new peaks in 2023.
Bitcoin traders interpret the recent price surge as a preparation for a new Bitcoin bull run, which appears to be approaching in the near future.
So let's take a look at the latest Bitcoin updates and what the bull run means for you.
What is bull run in cryptocurrencies?
In simple words, a bull run is a relatively long period in which market prices continue to rise, supported by increased investor confidence and trading volume.
Everyone has been watching the massive growth in the price of Bitcoin, when it rose in 2023 from $16,000 to $45,000, more than 180% in one year.
This leads us to the fact that an upward trend or bull run for Bitcoin and thus a bull run in cryptocurrencies as a whole is expected anytime between 2024 and 2025, especially after the equity event in April and given the developments in the global economy, and in the next paragraph we will try to narrow the scope of the forecast further.
What affects bull run in cryptocurrencies?
In fact, bull run in cryptocurrencies is usually attributed to various factors, such as:
Bull Run in Bitcoin: Bitcoin is the leading cryptocurrency, with the highest market cap and the most advanced blockchain architecture. Therefore, the direction of any bull run in Bitcoin will have an impact on the rest of the market, causing other cryptocurrencies to rise in value and further increase in price.
Technology development in decentralized economies: Blockchain, artificial intelligence, augmented reality, and virtual reality are among the major developments driving the rise of cryptocurrencies.
Government Regulations: Government regulations play a major role in determining the future of cryptocurrencies. Positive regulations can lead to increased adoption of cryptocurrencies, leading to bullion.
History of Bull Run in Bitcoin
Since Bitcoin Bull Run means Coin Bull Run, we can focus on the data that supports Bitcoin Bull Run and then generalize it to cryptocurrencies in general. Looking back at Bitcoin’s history of ups and downs, it seems that there is a pattern of Bull Run every four years. Doesn’t that sound magical? But when exactly will Bitcoin Bull Run happen? Let’s review Bitcoin’s historical Bull Run data to try to predict the future:
2013: First price growth:
The first notable bull run of Bitcoin occurred in 2013, amidst increased media and public interest, pushing the price of Bitcoin from $10 to $200, later peaking at $1,100 in December 2013.
This momentum was supported by the growing popularity of Bitcoin in China and the futuristic solutions offered by blockchain technology and cryptocurrencies in general. However, Bitcoin could not sustain this growth because it was too early to judge its usability amid fears of losing control.
2017: Paul Run Cryptocurrency Market
After trading around $200 for a few years, Bitcoin's bull run occurred in 2017 in response to growing interest in cryptocurrency investment, sending Bitcoin prices to just under $20,000.
2020-2021: Bitcoin hits record high
The biggest Bitcoin bull run of 2021 was the result of a number of financial and economic factors. What happened in 2020? That’s right, it was the Corona! When the Covid-19 pandemic hit the world, central banks printed more money and raised interest rates to stimulate economic recovery.
Consequently, traders feared potential inflation and turned to Bitcoin, along with the growing interest in Web 3.0 applications, cryptocurrency exchanges, and the metaverse, all of which combined to send Bitcoin's price above $65,000.
2023: The Year of Recovery
Cryptocurrency investors are calling 2023 a recovery year for Bitcoin and other cryptocurrencies, as they partially recovered from the crypto winter of 2022. Bitcoin started 2023 at around $16,000 and has grown steadily throughout the year.
This growth can be understood by looking at a series of major events starting in March 2023, when US commercial bank failures began in a domino-like pattern, starting with the collapse of Silicon Valley Bank. This news alone helped push Bitcoin’s price below $30,000, giving a new lease of life to a cryptocurrency that many thought was dead.
What contributes to the upcoming Bitcoin bull run predictions?
Unlike historical data on Bitcoin’s bull run, this time, the bull run movement is triggered by several updates and events that are expected to send the Bitcoin price to unprecedented levels. These events include:
Bitcoin halving event in 2024:
The Bitcoin blockchain halves every four years or 210,000 blocks, meaning that the amount of Bitcoin in the market is split in half, reducing the rewards for miners by half. This event is crucial to preventing cryptocurrencies from overheating, especially when demand increases sharply or mining activity grows rapidly.
Bitcoin ETF Approval:
Over the past period, leading investment firms in the United States, such as Black Rock and Fidelity Investments, have applied to the Securities and Exchange Commission (SEC) to approve Bitcoin as a security for an exchange-traded fund (ETF).
However, the committee has not issued any decision in this regard, given the unregulated nature of cryptocurrencies and the volatility of major cryptocurrencies.
In conclusion, recent developments in Bitcoin and other cryptocurrencies, along with technical analysis, indicate that a bull run in cryptocurrencies could occur at any time this year, especially after April.