4 signs Bitcoin is starting its next bull run
As the chances of a Bitcoin exchange-traded fund (ETF) being approved rise, six-figure BTC price predictions are also becoming increasingly common, particularly now that the April 2024 halving is less than 180 days away.
Bitcoin’s (BTC) price trends often exhibit cyclical behavior. Analysts have drawn parallels between the current price trajectory and historical patterns, suggesting a potential bullish cycle reminiscent of 2013 to 2017.
Similarly, Bitcoin’s historical bull runs tend to follow four-year cycles, often spurred by events like the halving, which reduces the rate at which new BTC is created and earned by miners.
The next halving event will occur in April 2024, and traditionally, bull runs can start months before and continue until the price of Bitcoin reaches a new all-time high.
The cyclical nature of Bitcoin's price is hard to deny. pic.twitter.com/q3RJ1i2blk
In fact, predictions that Bitcoin’s price will reach over $100,000 are becoming more commonplace now that the halving is less than 180 days away.
Related: Bitcoin halving 2024: Everything you need to know
But while some believe the upcoming halving will be the most important yet, others argue that it may play out differently this time around.
Significant stakeholders are showing confidence in Bitcoin by increasing their holdings. On-chain analytics have revealed a trend reversal, wherein major investors are trading stablecoins for more Bitcoin, which could potentially add momentum for a rally beyond $35,000.
More importantly, Bitcoin “whales,” or entities with at least 1,000 BTC, are showing signs of accumulation, which has historically preceded big rallies.
Glassnodes data shows Bitcoin’s Accumulation Trend Score is currently 1 (chart above), indicating
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