Bitcoin has a strange bullrun to date. First, we saw an all-time high earlier than ever. In March 2024, Bitcoin already reached a new price record for the Halving thanks to the ETFS, then it stopped for a few months. Then the increases started again as a result of Donald Trump and his Bitcoin reserve, but Trump now seems to cause problems again.
That raises the question: is the bullmarkt over, or can we expect even more from Bitcoin?
The bull market is not over yet
Chris Burnniske, former CEO at Ark Invest, believes that Bitcoin is still in the middle of his bullmarkt. He thinks that there is currently only a relapse in the middle of the Bullrun, and that the absolute peak is still to come.
“I don’t think we’ll see signals for an absolute peak here. It seems rather a relapse in the middle of the cycle that makes everyone doubt.
It feels much more than the period from April to June 2021, in which the market also fell by 50-80%, depending on the coin. A lot also shouted at the time that it was over, and in the end we went through the roof in the second half of 2021, “says Burnishke.
Of course Burnniske has a point there, although the Bullrun of 2021 did not end as everyone hoped. At the time, a Bitcoin course of $ 100,000 was already considered certainty.
Eventually we had to wait for years to come. Could it also be the top of this cycle disappointing?
This price level is crucial for Bitcoin
These are questions that naturally depend on some fundamental developments. Think of macro-economic developments, but also Donald Trump and the strategic Bitcoin Reserve promised by him. If we still get it, then very crazy things can happen for Bitcoin.
According to Axel Adler van Cryptoquant, it is in any case important to stay above $ 96,000 for Bitcoin.
At that price level, the average purchasing price of people who have boarded the last 1-3 months. Historically, this course acts as an important support during bull markets, but if Bitcoin loses that level, it can also become a very annoying resistance.
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Source: https://newsbit.nl/bitcoins-piek-moet-nog-komen-aldus-populaire-analist/
