Is This the Last Bitcoin Bull Run Before It Becomes “Just Another Ticker Symbol”?

The latest surge in Bitcoin costs has sparked hypothesis that it could possibly be the final bull market earlier than it turns into a mainstream asset class. Taking to X on December 5, Eugene Ng, a developer, believes that the present Bitcoin rally could possibly be the final “degenerate bull market” earlier than the coin turns into “simply one other ticker image on the boomer’s brokerage.” 

Is This Bitcoin’s Final Dance?

With this in thoughts, Ng is encouraging retail buyers and crypto followers to both “go huge or go house,” suggesting that what the market presents at spot charges could possibly be a chance to generate wealth from the world’s most useful crypto asset.

Bitcoin has been on a tear at spot charges, rallying above $44,000 earlier at this time earlier than cooling off barely. Nevertheless, studying from the Bitcoin candlestick association within the each day chart, the uptrend stays, and patrons are optimistic, focusing on November 2021 peaks at round $69,000.

Whereas Bitcoin is risky, taking a look at worth swings from 2021 highs and the contraction of 2022, it hasn’t dissuaded buyers from participating. Furthermore, Bitcoin has seen a number of bull runs since launching in 2009 as an rising asset. In bull runs, like these in 2017 and 2021, costs surge, posting big features. As an example, the final bull run from 2020 noticed BTC rise from round $10,000 to almost $70,000 in November 2021.

Although previous cycles attracted billions of {dollars} into Bitcoin and crypto, Ng thinks the present leg-up could possibly be the final. Notably, Ng’s sentiment is echoed by Adam Cochran, who believes that Bitcoin is approaching a vital level the place it’s going to transition from a speculative asset to a mainstream funding choice.

Taking to X on December 6, Cochran says crypto buyers have about 35 days to think about themselves “early” in Bitcoin earlier than it turns into a spot ETF asset on main US exchanges.

Eyes On The SEC, Bitcoin Halving In 2024

As it’s, the potential approval of the primary Bitcoin ETFs and the upcoming Bitcoin halving in lower than 5 months are thought of catalysts, fueling the present worth surge. The Bitcoin halving occasion, which can decelerate BTC’s emission, is about on the protocol degree and is bound to occur. 

Nevertheless, the neighborhood can be wanting on the Securities and Trade Fee (SEC) to greenlight the primary spot Bitcoin ETF. As soon as it occurs, it’s going to solidify Bitcoin’s place as a legit asset class, attracting extra institutional buyers and presumably driving costs larger.

Function picture from Canva, chart from TradingView