Bitcoin is the first crypto in the digital market, the start of this revolutionary technology, and since 2009, it has remained the most popular currency worldwide. The digital coin has experienced multiple ups and downs through the years. Still, besides all the challenges and external factors that influenced its price, Bitcoin always gets back on track, promising great investment opportunities for crypto-enthusiasts. Its recent halving on April 20th has considerably changed the sentiment of traders regarding the future of the popular coin, and, considering the upcoming Bull Run in the crypto market, they’ve developed some bear and bull scenarios, to suggest how Bitcoin could significantly change its path. So, is the leader bullish or bearish in 2024?
Bull and bear market cycles
Simply put, the rise or fall of crypto prices creates bull or bear phases. Understanding this concept is essential for every trader who wants to get involved in the dynamic market and ensure wise investment decisions from which they could earn significant returns. The crypto volatility is the main aspect that makes this world so complicated. Still, to develop the best trading strategies and identify the investment opportunities, market experts recognize some patterns and trends, and according to their sentiment, they decide on the possible future of digital currencies. The bear phase entails a pessimistic outlook and price declines, while the bull market refers to the significant growth of the coins that present a positive outcome. The potential rises and falls can be checked on a trustworthy exchange platform, looking at btc price predictions to find out what the future holds for the market leader in the next Bull Run.
Bitcoin’s price history
Bitcoin is well-known for having the most volatile history in the market. Starting from 2009, when the coin was launched, its price jumped from $0 to $0.20 one year later, in 2010, following a small increase of $0.30 in 2011 and then, as Bitcoin gained popularity, reaching a peak of $26.60. in 2012, the bitcoin price increased by just a few dollars, but in 2013, it witnessed strong gains, reaching 200$. By the end of 2016, prices climbed by over $900, and they skyrocketed by the end of the year with a value of $19,188. Between 2021 and 2023, Bitcoin experienced high volatility, as in the summer of 2021, prices were down by 50%, and COVID-19 made the price fluctuate more, gradually declining from $69.000 to 20.000 by the end of 2022. However, Bitcoin got back on track in recent years, as in 2023, it raised consistently, closing the year with a value of $42.258. This year, Bitcoin set a record, reaching almost $69.335,91.
2024 Bitcoin Halving
The fourth halving for Bitcoin occurred on April 19th this year; this highly anticipated event could bring some significant opportunities in the crypto market. Simply said, halving means that the amount of new supply is lowered due to the reduction of the rate at which new Bitcoins are created. One of the main reasons that stand behind this practice is to address inflation concerns and to create a protection mechanism for the market itself and, hence, the investors. Also, since the main influencing factor that determines the prices of digital coins is the interconnection between supply and demand, the reduction of the supply can significantly increase the demand for bitcoin, making the prices rise significantly. Halving creates high expectations regarding the potential growth of the currency, so taking into consideration this phenomenon, the sentiment traders tend to assume that Bitcoin is a great investment for the next bull run.
The bull case
Starting with a positive outlook, the bull case in 2024 points to the innovative concept of inscriptions, which support the adoption of Bitcoin’s Lightning network, enabling faster transactions and potentially making the coin more than a store of value and become a quick payment method. This concept attracts new users who want to let go of traditional banking systems, raising the demand for the currency and, hence, increasing its value. Also, other aspects to consider are the SEC ETF approval, which could potentially add legitimacy to Bitcoin worldwide, and halving, which, according to past events, can significantly store value in the asset, making it a great investment for the next bull run this year.
The bear case
Crypto-enthusiasts are concerned about the external attacks of countries that point to the high energy consumption required for the mining process, and the critics could impact Bitcoin’s prices. Also, the government doesn’t like the widespread adoption of crypto, and new legislation might be required to protect the crypto market. Still, the worst-case scenario would be the restriction of the currencies in skeptical countries. Also, some cut down the enthusiasm for the ETF approval in the U.S., considering that this event could only limit the potential for price growth, as it might now attract new investors in the crypto market.
Is Bitcoin a good investment?
Investing in Bitcoin comes with many risks and rewards. Despite all the governmental concerns, traders consider the leader a go-for in 2024, and it could be a wise investment before the next bull run, which is forecasted for the end of summer this year. Many crypto bulls are highly optimistic, and they hope for a great gain from their investment, considering Bitcoin is very bullish. According to the past bull runs, we can say that Bitcoin is a wise investment, but to get yourself covered, make sure you diversify your portfolio with other winning altcoins as well.
The bottom line
Despite all the challenges, the dynamic crypto market could reshape the future of the economy, bringing great opportunities for investors who want to achieve financial freedom and organizations that seek innovation. The ease of operations and security are the main aspects that attract a global audience to the Bitcoin network, creating a digital shield against any external attacks and concerns. So, we can say that Bitcoin is here to stay.
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