Is This Bitcoin’s Last Dance?
There is speculation that the current surge in Bitcoin prices could be the last bull market before it becomes a mainstream asset class. Developer Eugene Ng believes that this could be the last “degenerate bull market” before Bitcoin becomes just another ticker symbol on traditional brokerage platforms. With this in mind, Ng encourages retail investors and crypto enthusiasts to either go big or go home, seeing the current market as an opportunity to generate wealth from Bitcoin.
Bitcoin has been rallying, reaching above $44,000 before experiencing a slight cooldown. However, the uptrend remains intact, and buyers are optimistic, aiming for November 2021 highs at around $69,000 based on the candlestick arrangement in the daily chart.
Despite Bitcoin’s volatility, investors are not deterred. Bitcoin has experienced multiple bull runs since its inception in 2009. For instance, during the last bull run in 2020, BTC rose from around $10,000 to nearly $70,000 in November 2021.
However, some believe that this current bull run may be the last. Adam Cochran shares Ng’s sentiment and suggests that Bitcoin is approaching a critical point where it will transition from a speculative asset to a mainstream investment option. Cochran predicts that investors have about 35 days to consider themselves “early” in Bitcoin before it becomes a spot ETF asset on major US exchanges.
Eyes On The SEC, Bitcoin Halving In 2024
The potential approval of the first Bitcoin ETFs and the upcoming Bitcoin halving in less than five months are seen as catalysts for the current price surge. The Bitcoin halving event, which reduces BTC’s emission, is a protocol-level event that is bound to occur.
However, all eyes are also on the Securities and Exchange Commission (SEC) for the approval of the first spot Bitcoin ETF. Once approved, it will solidify Bitcoin’s position as a legitimate asset class, attracting more institutional investors and potentially driving prices even higher.
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