Bitcoin’s Bull Run: Different This Time?
Bitcoin’s price has surged above $41K, causing the liquidation of short positions. While some believe the bull run has already started, others think it will come after the 2024 Bitcoin halving. Money manager Jeroen Blokland believes this rally is distinct from previous ones.
In May last year, Bitcoin reached $40K but scandals and market sentiment caused a price drop. This time feels different due to Bitcoin’s acceleration as an accepted asset class.
The Bitcoin halving occurs approximately every four years, with the next one scheduled for April 2024. It reduces the production of new BTC and has historically led to price increases and major bull markets.
As 2023 comes to an end, December could be an interesting month for cryptocurrencies. On December 13th, the US Federal Open Market Committee (FOMC) will review its anti-inflationary policy. The expectation is that inflation rates will remain unchanged, which may explain the uptick in risk-on markets like crypto.
Hot Take: What Lies Ahead for Bitcoin?
With Bitcoin’s price surge and the upcoming FOMC meeting, there are mixed opinions on what lies ahead for Bitcoin. While some believe the bull run is underway and anticipate further gains, others suggest waiting until after the 2024 halving. The acceleration of Bitcoin as an accepted asset class adds a new dimension to this rally compared to previous ones at similar price levels. As we approach the end of 2023, keep an eye on December’s developments in the cryptocurrency markets.
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