I think the most wild thing is people who say we are not in the bull marketing until we hit all new highs. By saying that it means you don't consider a rally or bull until Bitcoin reaches $68,000 which was reached back in Nov. 9th 2021.
But take a look at this chart and to me we have been in a bull market since early 2023 as the price moved from low end $20,000 to now breaking $50,000. Within 365 days it's only gone up now if that's not a bull market idk what the heck you all are thinking.
- Image pulled from Coin Gecko charts
Also yes, I had to add in that little tool tip of bitcoin being under $100 10 years ago lol.
So what's been driving this bull market let's take a look at key factors and how it's actully extremely powerful and that bitcoin could be hitting all new highs in 2024.
ETF
The ETF drama really sparked things in 2023. Even though the SEC did everything it could to try and block it, it was clear that the money of the world was demanding access to bitcoin in the form of an investment.
All of that 401k money and institution investor money was locked up behind government laws telling people what they could and couldn't do with the money they made.
The hype of even thinking about a Bitcoin spot ETF becoming a reality was enough to take us from $16,000 BTC value to where we are today with the approval of a number of Bitcoin ETFs or ETPs to be more "correct" with the very real possibility of that opening up now into other assets such as Ethereum.
This move opened up trillions of dollars in assets by the worlds wealthiest. The company that broke the SEC's back was Blackrock who manages 9.42 trillion dollars in real assets. When you look at the 34 trillion national debt by the united states it's pretty clear that the US government is losing value and losing dominance because of this massive over spending nature.
Even assets like Gold and Silver are no longer really looked at in terms of stores of value since the US came off of the gold standard in 1933 but the true moment it was severed fully was in 1971 by president Richard Nixon.
That now leaves Bitcoin as a very real possible store of value that's a world wide currency with rather equal values.
NFTs
NFTs blew up in the last bull run but since then have gotten a bad rep and honestly for good reason. Personally I understand that stupid JPG images with no utility behind them is just out right dumb and I'd never buy one myself unless I totally realized that it had no value behind it or utility.
That being said there are legitimate good cases for NFTs with utility behind them.
Bitcoin currently now has the capability to pretty much change anything into a NFT and put it on chain which we did see a lot of growth around. To me it's a bit on the dumb side but that doesn't mean others wont do it and drive up fees for the chain. These fees are going to be what supports mining for the most part once all of the bitcoin has been mined out and to be fair that time is coming very near with only 1.3 million left to be minded out. Now this will take a very long time as bitcoin simply halves each time so it kind of always would be something to be mined.
The Halving
The halving event is always a big one for bitcoin but it's normally priced in a good year before it actully happens at least that's what history has shown us. However once it does happen we normally have a sell off, kind of like a sell the news event but then the squeeze starts to be felt about a month or so later and the price starts to climb again.
This halving even will take BTC from 6.25 BTC per block down to 3.125 BTC per block. The next will take us down to 1.5625 BTC per block so you can see this next halving is about the last in which there will be any decent amount of bitcoin mined. However you do also need to include network fees which still makes bitcoin mining very attractive.
So are we in the bull market? I think yes and we have been for the last year.
*This article is for entertainment purposes only and is not financial advice.