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Sunday, July 21, 2024

3 Key Signs That the Bitcoin (BTC) Bull Market Is Just Getting Started

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  • Bitcoin’s price has seen significant increases recently, surpassing $62,000 and sparking speculation about the start of a major bull run.
  • Some important factors hint that reaching a new all-time high might be just around the corner.

BTC Halving

Bitcoin’s price has excited the cryptocurrency participants and shocked the naysayers in the past few weeks, witnessing exponential surges. It currently trades at over $62,000, while the rally in February represented the longest monthly green candle in the asset’s history.

Despite the spectacular ascent, some vital elements and approaching events hint this could be just the beginning of a massive bull run and further gains.

One crucial factor is the Bitcoin halving, scheduled to take place in April this year. It reduces the rate at which new BTC are mined, potentially making them more valuable if following the economic fundamentals of supply and demand (in theory).

Historically, the event has been followed by an overall marker resurgence. Those willing to learn more about the upcoming development could take a look at the video below:

Abandoning Exchanges

Another sign signaling that Bitcoin’s price might spike even more in the near future is the investors’ shift from centralized platforms to self-custody methods. According to CryptoQuant, BTC exchange netflows have been predominantly negative in the past few weeks, with a huge red candle charted on March 1.

BTC Exchange Netflow, Source: CryptoQuant

Storing holdings in personal wallets suggests a growing confidence among investors and their desire to stay in the market for the long term. It also reduces the immediate selling pressure.

This trend might fuel advancements in services designed to simplify self-custody for a wider range of users, potentially drawing in new participants and motivating current investors to increase their exposure.

Interest Is Still Rising

In the past, the peak of Bitcoin’s bull cycles has coincided with a record interest in terms of Google searches. The asset’s popularity on the world’s largest search engine has indeed increased in the last few months but is still way below the levels observed at the end of 2021 (when the all-time high of almost $70,000 was reached).

Leading altcoins, such as Ethereum (ETH), Ripple (XRP), Cardano (ADA), and many more, also need to catch up with the record interest observed three years ago, meaning they might be on the verge of another bull run, too.

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