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Bitcoin’s rise to $65,000 has brought hope to the unstable crypto markets. With some altcoins jumping 10% to 20% following Bitcoin’s comeback, investors are curious if this marks the restart of the crypto bull run. Bitcoin’s price history over the last decade has been defined by alternating periods of bear and bull markets. Typically, bull markets kick off following Bitcoin halving events, while the two years preceding each halving tend to be bearish.

Analyzing Bitcoin’s Bull Cycles 

In this current scenario, crypto analysts like Ted Pillows are looking at how Bitcoin’s market cap compares to its realized cap to understand where we are in the current bull cycle. The market cap shows the total value of all Bitcoins, while the realized cap considers when coins were last moved, giving a better idea of Bitcoin’s real worth.

He further observed that the market cap is growing faster than the realized cap, highlighting a trend typically associated with bull cycles. This suggests that speculative demand and investor confidence are driving up the market value of Bitcoin beyond its fundamental value.

Drawing parallels with previous bull cycles in 2013-14, 2016-17, and 2020-21, which exhibited similar trends, TedPillows suggests that the current bull run could follow a similar trajectory. Based on this analysis, he predicts that the ongoing bull cycle may conclude in April 2025.

Insights from Crypto Analysts on the Next Bull Run

This analysis implies that investors still have ample time—around 11 months—to capitalize on Bitcoin’s upward momentum and make significant gains before the end of the bull cycle. 

On a similar note, Ki Young Ju, CEO of CryptoQuant, suggests that Bitcoin is currently halfway through its bull cycle. He observes that Bitcoin’s actual market cap is increasing faster than its realized cap, a trend that usually lasts around two years. Based on this pattern, he predicts that the current bull run will likely conclude within the next 11 months.

However, it’s essential to note that while historical patterns can provide valuable insights, market dynamics can always change, and past performance does not guarantee future results.

Analysis of Bitcoin’s Price

Meanwhile, Bitcoin’s price has found support at $65,000, with analysts debating the possibility of a deeper correction. While some, like Yoddha, are optimistic about Bitcoin’s strength and anticipate only a minor correction, others, such as Dr. Martin Hiesboeck, remain bullish in the long term. Crypto analyst Rekt Capital suggests that while a short-term correction or bottom for Bitcoin is probable, the overall downtrend may be over, with the possibility of BTC extending its gains beyond $67,000 and reaching $70,000.

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Filed under: Bitcoin - @ May 20, 2024 7:04 am