As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I’ve seen my fair share of market fluctuations and trends. The current state of Bitcoin has been a rollercoaster ride, to say the least. The bullish start of the year, followed by a slowdown, and now the uncertainty about the resumption of the bull cycle – it’s a tale as old as Bitcoin itself.
2021 saw Bitcoin‘s price gain significant momentum at the start of the year, receiving an additional boost with the debut of spot ETFs (exchange-traded funds) in January. This move exposed Bitcoin to a fresh group of investors, ultimately leading it to reach a record-breaking high of $73,737 by mid-March.
Nevertheless, Bitcoin has experienced a deceleration in recent months, leading some investors and cryptocurrency enthusiasts to question if the bull market has ended. A potential timetable for Bitcoin’s continued bull run has been proposed by a blockchain company.
Bitcoin Price Down By 12% From Its Halving Price
In their latest study on the X platform, cryptocurrency analysis company IntoTheBlock offers insights about Bitcoin’s patterns during a Bitcoin halving year and its role in the progression of a bull market cycle. The most recent halving event, taking place in April, reduced miner rewards from 12.5 to 6.25.
Despite Bitcoin halving being generally considered a bullish move, the subsequent months haven’t been overly favorable for the leading cryptocurrency. As per data from IntoTheBlock, Bitcoin has actually dropped by approximately 12% since its halving price of $63,900.
Although the market leader’s current situation surpasses earlier predictions before the halving event, it remains a cause for worry among many investors. Yet, Bitcoin’s lackluster performance following the halving might not spell doom and gloom, as the price appears to be quite distant from its peak during this cycle.
According to a report by IntoTheBlock, historically, the period between a Bitcoin halving and its subsequent peak has averaged approximately 480 days. This suggests that the peak cycle could occur around the summer of 2025.
Over the last six months, I’ve noticed that the price of Bitcoin has been moving within a specific range, fluctuating between roughly $55,000 and $69,000. If we see a prolonged surge above the $70,000 level, it might indicate the return of the bullish trend in the market.
When Will The Bull Cycle Resume?
Ki Young Ju, CEO of CryptoQuant, has expressed similar insights about the ongoing Bitcoin bull market. He believes that Bitcoin is currently midway through its bull cycle and hasn’t yet reached the point of a retail investor bubble. In simpler terms, this means there hasn’t been a massive influx of individual investors joining the market yet.
It’s important to point out that the interest in Bitcoin, particularly in the U.S., appears to be decreasing currently. This decrease is evident in the dropping dominance of Coinbase spot trading volume, which has returned to levels similar to before the introduction of the spot ETF. According to Young Ju, for the bull cycle to continue, the demand for Bitcoin in the U.S. needs to increase again.
The CryptoQuant CEO added:
I expect this in Q4, but I could be wrong.
Currently, Bitcoin’s price is approximately $54,000, having experienced a minor 0.5% rise within the last day. However, it’s important to note that over the past week, its value has dropped by more than 8.5%, as indicated by CoinGecko statistics.
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2024-09-08 20:11