The current crypto bull run in 2024 is proving to be one of the strongest in Bitcoin’s history, with evidence supporting this claim. After reaching $73,750 on Mar. 14, Bitcoin (BTC) has been consolidating its price between $68,000 and $72,000, sparking discussions on whether the bull run has officially started.
This surge in Bitcoin’s price is closely tied to the upcoming BTC halving scheduled for Apr. 19-20. The halving event will see the block reward for miners reduced from 6.5 BTC to 3.25 BTC, historically impacting Bitcoin’s supply and consequently its price.
According to James Check, a prominent on-chain analyst at Glassnode, the crypto market is transitioning from an “enthusiastic bull” phase to a potentially euphoric one. This shift began in October 2023 and gained momentum as BTC reached its all-time high earlier this year.
Check suggests that the current bull market is among the strongest in Bitcoin’s history, with minimal corrections observed throughout the rally.
Additionally, the surge in crypto prices is not only affecting trading but also job markets within the industry. Despite previous bearish stagnation, the number of vacancies in the crypto industry hit an annual high in March.
Data from CryptoJobsList also shows a significant increase in job postings and applicants, reaching a record high in March with 5,843 job applicants.
The cues indicating the start of the crypto bull run in 2024 include significant inflows into spot BTC ETFs, price stability in BTC, rising hash rates, a high fear and greed index, and the surge in crypto stock prices.
Experts like Michaël van de Poppe see Bitcoin’s surge to all-time highs before the halving as a positive sign, suggesting a continuation of the four-year cycle with upward potential. The ongoing strength of BlackRock’s spot Bitcoin ETF and the shift towards long-term investment approaches also point towards a multi-decade bull run in the making.
While these predictions are optimistic, it’s crucial to approach them with caution and conduct thorough research before making investment decisions. Remember the golden rule of investing: never invest more than you can afford to lose.