Member-only story
What’s Different About This Bitcoin/Crypto Bull Cycle
A sign of what’s in store for this bull run, which will dwarf the existing ones.
Non-members can read the full article here.
Bitcoin is on the cusp of a new all-time high, memecoins are pumping, and ETH is finally picking up the pace to setting a new top.
The bull market is well and truly back, but it’s even more energised this time and occurred (slightly) sooner than many expected.
Let’s delve into what’s different this time around for the market.
Plenty of institutions are now (officially) on board
Well, strictly speaking, they’ve been on board for several years, most likely since 2014. As they’re incredibly smart and equally cunning, many have played dumb for long enough and hoodwinked enough people — including various counterparts — into believing Bitcoin was bogus and not sought after.
Unless you’ve lived under a rock, you would have heard about the US SEC green-lighting eleven Spot Bitcoin ETFs in January, leading to billions of dollars flowing into these publicly traded funds.
It’s a positive in some ways but an issue in other ways, as it’s the first cycle whereby institutions have significantly increased their exposure to Bitcoin and what will eventually be Ethereum once its Spot ETFs are approved in the USA.
Moving ahead of schedule
This is the first time we’ve seen Bitcoin fast approaching its ATH before its quadrennial halving; the upcoming one (expected to occur on 21 April) will be its fourth.
As shown in the BTC/USD price chart below, we are ahead of schedule, which leads to even more optimism and excitement about its prospects post-halving.
As we saw earlier this week, an abrupt market-wide crash, with BTC dropping from $69K to ~$61.8K in just six hours, was short-lived. Since then, BTC’s back to $66K (up ~200% for the past year), ETH’s at ~$3,800, and altcoins have mostly recovered from the sudden drop.
Next month’s BTC Halving will further add to the supply shock, with most sell-offs being quickly snapped up by…
