Home Editor's Picks Is Bitcoin About To Have Another Bull Run? This Crypto Expert Thinks So

Is Bitcoin About To Have Another Bull Run? This Crypto Expert Thinks So


After a spectacular surge that propelled Bitcoin to new highs, the past week or so has seen the world’s most famous cryptocurrency post a decline of 11%.

Bitcoin prices have dipped considerably, leaving investors wondering if this marks the end of the bull run or a mere blip on the radar. Despite the recent pullback, a chorus of crypto experts are voicing their belief in Bitcoin’s potential for another significant price increase.

Bitcoin Price Prediction 2024: Another Bull Run Imminent?

According to Bitfinex, the upcoming Bitcoin halving event expected on April 19, usually precedes significant price movements in the Bitcoin market.

“The first halving in 2012 saw Bitcoin’s price increase from about $12 to nearly $1,150 within a year,” noted Bitfinex in a recent blog post. “Similarly, the 2016 halving was followed by a bull run that peaked in December 2017, pushing Bitcoin’s price to then all-time highs.”

While the causation between halving events and market rallies can be debated, the firm said these observations show the market’s perception of reduced supply against a backdrop of growing demand.

However, they explain that this Bitcoin halving will be the first to “intersect with a confluence of market trends and developments that potentially create a bullish scenario unlike any other witnessed during previous halvings.”

The trends and developments include the launch of approximately a dozen Bitcoin ETFs, the trend initiated by Microstrategy (NASDAQ:MSTR) and Tether, of major corporations integrating Bitcoin into their balance sheets, and the rise of publicly traded mining companies. These factors create a multifaceted bullish backdrop for Bitcoin.

“As these trends amplify Bitcoin’s scarcity, demand, and utility, they set the stage for a halving event that could have far-reaching and profoundly bullish implications, surpassing the outcomes of previous halvings and marking a significant milestone in Bitcoin’s ongoing evolution,” stated Bitfinex.

Earlier this year, Bernstein’s analysts wrote in their report that they are “more convinced” about their $150k price prediction for Bitcoin.

“We built Bitcoin institutional flows in our estimates to arrive at Bitcoin price. We estimated $10Bn inflows for 2024 and another $60Bn for 2025. In the last 40 trading days since ETF launch on Jan 10, Bitcoin ETF inflows have crossed $9.5Bn already,” analysts wrote back in March.

Why Bitcoin’s Market Dominance Matters

LunarCrush’s Joe Vezzani, speaking to Investing.com, highlighted Bitcoin’s growing status as a bellwether for investor sentiment.

He notes that “Bitcoin social media engagement doubled in the span of an hour, surging from 7 million to over 13.5 million interactions, as news broke of rising geopolitical tensions in the Middle East.”

The Bitcoin price simultaneously suffered a sharp 10% drop following the news.

However, Vezzani explains that the market quickly stabilized, with social media activity reverting to baseline levels and Bitcoin’s price recovering 5% from the low. “The rapid return to prior interaction and price levels suggests the macro market trend remains intact despite the short-term volatility,” he stated.

With Bitcoin and other cryptocurrencies being one of the only major assets trading 24/7, they often see outsized reactions to breaking news on weekends before traditional markets open. Vezzani says that “while the initial response can be significant, historically, these moves are often retraced once investors have time to fully digest new information.”

“The data underscores the growing maturity and resilience of digital asset markets, which are becoming increasingly efficient at absorbing geopolitical shocks,” Vezzani told us. “Bitcoin, in particular, is cementing its status as a bellwether for investor sentiment and a key indicator to watch when unexpected events rattle global markets.”

Other Crypto Prices Today

On Tuesday, cryptocurrencies are mostly trading lower. As of 09:46 am ET, Bitcoin is down 5.2% in the last 24 hours at $62,263, while Ethereum is down 5.3% at $3,055.63. Elsewhere, Solana has declined more than 12% to $130.24, while Dogecoin has tumbled 6.3% to $0.151080.

The cryptocurrency market capitalization currently stands at $2.35 trillion, while volume over the last 24 hours is at $118.05 billion.

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