The world’s largest crypto has remained in the green over the past 24 hours. However, the Bitcoin price is down nearly 4% from its overnight high. However, analysts say that signs are emerging for a bull run. Besides, Fidelity Global Macro Director Jurrien Timmer cannot stop praising BTC.
Jurrien Timmer: It’s a store of value, it’s digital gold, it’s a…
Fidelity Global Macro Director Jurrien Timmer says it may be time to reconsider the 2020 bullish thesis on crypto, perhaps inspired by Bitcoin’s recent big gains. In this context, Timmer uses the following complimentary expressions:
Bitcoin is a commodity currency intended to be a store of value and a hedge against loss of monetary value. I see it as digital gold. Gold tends to shine in structural regimes where inflation is hot, real interest rates are negative, and/or money supply growth is excessive… Could Bitcoin be a player on the same team? I think there is this potential.
Bitcoin is starting its next bull run! Here are the 4 signs…
one- B.TC halving event is approaching
cryptokoin.comAs you follow from , BTC once again checked above the 18-month high of $ 35,000. Meanwhile, Bitcoin’s price trends often exhibit cyclical behavior. Analysts are drawing parallels between the current price trajectory and historical patterns, pointing to a potential bullish cycle reminiscent of 2013 to 2017.
Similarly, Bitcoin’s historical bull runs tend to follow four-year cycles. Usually this starts with BTC’s halving event. The next halving event will occur in April 2024. Additionally, traditionally bull runs can start months in advance and continue until the Bitcoin price reaches an all-time high.
In fact, predictions that Bitcoin’s price will rise above $100,000 are not new. It is becoming more common now that the halving event is less than 180 days away. However, some argue that the upcoming halving will be the most significant halving yet. Others suggest it may happen differently this time.
2- Bitcoin accumulation: Not just whales!
Key stakeholders are showing their confidence in Bitcoin by increasing their holdings. On-chain analysis reveals that major investors are trading the stablecoin for more Bitcoin, a trend reversal that could provide momentum for a rally beyond $35,000. More importantly, Bitcoin whales are showing signs of accumulation, which has historically preceded major rallies.
Glassnodes data shows that Bitcoin’s Accumulation Propensity Score is currently 1 (chart above). This means that larger whale assets, which are a larger part of the overall network, are accumulating. In addition, shrimpers (small investors) broke new highs throughout 2023, breaking accumulation records.
3- Bitcoin ETF approval becomes likely
Meanwhile, the debate surrounding Bitcoin ETFs in the US is gaining momentum. Bloomberg ETF analysts increased the probability of approval of the Bitcoin ETF to 65%. If approved, it is possible that such an ETF could attract more institutional investors to this space. Additionally, it is likely to positively impact the price of the leading cryptocurrency. According to experts, a Bitcoin ETF is expected to trigger intense demand from institutions.
4- Crypto market sentiment is rising
The cryptocurrency’s Fear and Greed Index, a barometer of investor sentiment, recorded a remarkable score of 72. This points to the “greed” prevailing in the market.
This shift in market sentiment has heralded price rallies in the past. It is also possible that it is an indicator of an upcoming bull run. Interestingly, this marks the highest level of “greed” seen since November 2021, when Bitcoin reached its all-time high price of $69,000.
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