Since October 2023, Bitcoin experienced a bull market rally straight to new all-time highs all the way into early March 2024. After reaching a new all-time high of $74,000, strong resistance was met causing it to be rejected all the way to $59,600. Bitcoin’s price continues to chop around the previous all-time high of 2021 at $69,000, forming a sideways range between $70,00-$60,000.

However, this halt in Bitcoin’s momentum has caused a bearish sentiment among investors on where the future of Bitcoin’s price is going. Investors continue to speculate and ask “is the crypto bull run over?”. Despite the assumption of an impending crypto bear market, there are factors and indicators that tell that the crypto bull run is still far from over.

Bitcoin Halving

The Bitcoin Halving has always played a role in Bitcoin’s uptrend based on simple supply-and-demand. In the previous halvings, Bitcoin continues to break all-time highs and expands to irrational levels some time after. Although the price of Bitcoin crashed before the 2024 halving, there’s still not much to expect with Bitcoin’s price in every halving. Historically, the effect of the halving is seen as the supply catches up with the demand with great force within 500 days after the halving.

As Bitcoin rallies to price discovery, the market’s risk tolerance becomes more and more greedy as investors search for even greater returns during a bull market frenzy. If Bitcoin rises while its dominance falls, an alt season ensues to give a well-deserved relief for other cryptocurrencies.

Bitcoin Spot ETF

It’s totally normal for Bitcoin to see some resistance on a key-level like a previous all-time high. However, what’s not normal is for Bitcoin to reach a new all-time high before the halving. The ETFs play a significant role in pushing Bitcoin beyond expectations. Initially, Bitcoin would meet resistance at the golden fibonacci pocket between 0.65 and 0.618. It met short term resistance when it reached $48,000 after the Bitcoin Spot ETF approval, dropping to $39,000.

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The Bitcoin spot ETFs have brought up to $12.38 billion worth of inflows, giving Bitcoin the fuel to break past the golden pocket and reach all-time high before the halving. Additionally, the recently approved Hong Kong Bitcoin and Ethereum spot ETFs started trading on April 30th. 

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As Asia is the continent with the most cryptocurrency holders in the world, the Hong Kong BTC and ETH ETFs are expected to be a raging success. This allows the Asian market to have some exposure to cryptocurrency and push further adoption.

Rising Crypto Narratives

As Bitcoin continues to rise, some altcoins have yet to see new all-time highs while some are in their price discovery stages. New and promising crypto narratives paved the way for a few altcoins to skyrocket to new heights. Artificial Intelligence has been a leading crypto narrative as NVidia, OpenAI, TMSC paves the way for AI development with machine learning advancements, semiconductor innovation, and GPU development. Real World Assets (RWA) is also a promising narrative as large institutions like BlackRock aim to tokenize assets, with a vision of the tokenization of every asset as expressed by Larry Fink, CEO of BlackRock, in an interview.

Whether the bull market is over or just getting started, it is important to identify and accept the point of the market where you’re most satisfied.  As pinpointing the exact top of a market is near-impossible, it is important to secure profits to guarantee success in the bull run. A quick emotional evaluation for every trader and investor is a must to stay level headed at any point in the market. Understanding both technical and fundamental analysis are crucial to navigate the cutthroat rollercoaster ride of the cryptocurrency market.

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