As soon as I woke up, I found that the price of Bitcoin briefly exceeded $30,000, also hitting a new high since June 2022, with a 24-hour increase of 4.9%. Many people are surprised why the market came so quickly, but fans who follow Lao Li know that I have emphasized many times that April is destined to be extraordinary because too many news are bullish.

First of all, the Douyin App already supports Bitcoin market data queries. As we all know, Douyin is subject to strict supervision in China, and the emergence of this query function seems to have brought about a "loosening" phenomenon.

Second is the upcoming Ethereum Shanghai upgrade. This update, scheduled for April 12, will allow Ethereum 2.0 validators to unlock locked ETH. As a result, the available supply of crypto will inevitably increase, which can lead to negative price movements. For last night’s performance, it was in positive territory. Anticipation for the upcoming major ETH Shanghai update can support positive price action.

In addition, since November last year, Hong Kong has been committed to building a regional cryptocurrency center and developing Web3.0, which reminds people of the upcoming conference. However, the Hong Kong Web3.0 Association will be officially established tomorrow (April 11).

Finally, as crypto platforms have been laying off employees one after another, Aoan plans to hire 15% to 30% more people this year. CZ said that the number of employees increased from 3,000 to nearly 8,000 last year, and this year it is also preparing to hire 15% to 30% more people, hoping to be fully prepared before the next bull market, including making the structure more perfect.

Bitcoin's market value surpasses Tesla, key Shanghai upgrades, web3 conference, etc.! Do all these loose market conditions indicate the arrival of the bull market?

History is somewhat similar, see the technical icons

Bitcoin analyst Mags once tweeted that the current trend of Bitcoin is very similar to the bottom of the bear market from 2013 to 2015, and believes that Bitcoin will rise after a few weeks of sideways trading. Based on the rule that Bitcoin broke through the $200-300 range in October 2015, Bitcoin is likely to reach the $50,000 level in 2023.

Bitcoin prices have rebounded in 2023, with a recent surge in short-term trading volume, and have recovered from below $20,000 to around $28,000. Cryptocurrency exchange Bitfinex has previously predicted that the current bull market may have reached the "early stages".

On the evening of the 7th, the market once again showed positive predictions. Cryptocurrency trader and technical analyst Mags said in the evening that Bitcoin may return to the $50,000 level in 2023.

According to a tweet released by Mags, Bitcoin's current PA indicator chart is very similar to the trend of the bear market from 2013 to 2015, and it is believed that Bitcoin may rise after a few weeks of sideways consolidation:

Bitcoin’s price broke out of the $16,000-25,000 range in March 2023, leading Mags to highlight the similarities with Bitcoin’s move through the $200-300 range in October 2015.

Since Bitcoin eventually doubled to $700 in January 2016, applying this pattern to the current situation, analysts believe that this situation may be repeated in 2023, and the price of Bitcoin will also double to $50,000.

According to previous reports by Dongqu.com, the current economic situation in the United States also supports the bullish views of Bitcoin analysts. The slowdown in the Fed's interest rate hikes and the decline in the US dollar index are both positive signals of funds flowing into the capital market.

TikTok supports querying crypto market information, what does it mean?

On April 11, TikTok has supported price inquiries for a number of mainstream cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Shiba Inu, etc. The page defines it as "P2P virtual encrypted digital currency" and currently only supports inquiries for some mainstream cryptocurrencies.

According to coinmarketcap, the price of Bitcoin broke through US$30,000 and Ethereum broke through US$1,900. The latest quotes are US$29,645 and US$1,907 respectively, both of which are recent historical highs.

TikTok’s decision to add cryptocurrency-related features could well be a sign of growing public and private interest in digital currencies. While the move is a step in the right direction for cryptocurrency enthusiasts, it remains to be seen whether the country will change its stance on crypto.

Does the loose market indicate the arrival of the bull market?

At the beginning of the second quarter, the crypto market ushered in a "small spring". According to Bitpush terminal data, Bitcoin broke through $29,200 for the first time since June 10, 2022 on Monday, with a 24-hour increase of nearly 4%. This is a strong rebound after the $23,500 mark in early March, and the increase is more than 72% compared with the beginning of this year.

However, market observers predict that the US central bank may end its more than one-year interest rate hike at this meeting, which is good news for Bitcoin. So, will Bitcoin continue to rise in the second quarter?

We can rationally view the "

First, there are uncertainties. For example, if the 41,000 bitcoins confiscated from the Silk Road dark web in the United States are sold, it will cause $1.6 billion worth of BTC supply to flow into the market. Another is the CPI to be released on Wednesday, which is one of the most important economic data before the Federal Reserve’s meeting in early May. Many market observers predict that the US central bank may end its more than one-year interest rate hike at this meeting, which is good news for Bitcoin. Those who are interested also know that the collapse of CeFi also promotes the Bitcoin narrative, and some negative factors are gradually digested by the market.

The second is the correlation with the stock market. Data from The Block shows that cryptocurrencies keep pace with the macro market, and the correlation between Bitcoin and stocks has increased during 2022. During periods of rising stock prices, cryptocurrencies are more likely to rise simultaneously, and the same is true when they fall.

Looking at the liquidity of the exchange can also reflect the grasp of the holders' sentiment. Reduced supply, widening order spreads and soaring prices are signs of the arrival of a bull market. In addition to the above-mentioned TikTok, Hong Kong Web3, and CPI expectations, these loose market conditions seem to have seen the beginning of the bull market. If the market stabilizes, the market outlook in April can be expected.