Is the bull run here? Did we already miss it? Is it even going to come? The crypto community has been buzzing with these questions since prices started rising near the end of 2023. With the recent news of the spot Bitcoin ETF approval, the flames of hype have only grown larger. As Bitcoin soars above $52,000, the question of whether we’re in the bull run becomes much more interesting. Let’s talk about all the things that might influence or lead the bull run and where we are in terms of riding it.
What is the Bull Run?
The “bull run”, at its core, is simply a period where there’s more demand than supply. It’s a time when prices are exploding, and market confidence is high. This is a period when existing investors can hold for more or cash in while new ones are looking to get in on all the hype. The last massive crypto bull run started near the end of 2020 and lasted almost a year. During this period, crypto boomed to levels never seen before. Existing projects gained the confidence to build upon their empire, and new projects were rising constantly, innovating in this Web3 world we are all trying to revolutionize.
It was the golden age when the funds were flowing almost endlessly, interest from users everywhere was higher than ever, and the general outlook for the industry was, as we described it, “rocketing to the moon”.
Is It Here?
So, are we currently in the bull run? If you ask this question to ten users, you will likely get a few different answers. Some believe that it already started around October 2023 when Bitcoin broke the $30k threshold again and subsequently rose to above $40k. Some think the increase so far has been too gentle and does not resemble the last bull run. With Bitcoin recently breaking the $52,000 threshold, some believe that we could be arriving at the start of the bull run. There are even those who doubt whether the bull run will come again.
If we look at the data, the market has been on a steady rise since the beginning of 2023 with a more prominent boost in Q4 last year. This, however, can be due to the market nosediving near the end of 2022. Prices dropped extremely low, and what we were seeing might have been the market rebounding over time. With the recent Bitcoin spike, however, we could very well be entering the next bull run. Let’s first look at how Bitcoin has performed prior to the insane spike in the last few days to get a better idea of what does and doesn’t look like bull run trends.
The data presented tracks Bitcoin’s (BTC) price over roughly one year as BTC’s price often reflects the entire market. The data is taken all the way up to right before the current BTC spikes. Compared to the last bull run, everything was very subdued for a while. The spikes weren’t nearly as high, and the drops weren’t nearly as drastic. The trend showed slower growth over time; most likely due to how hard we dropped previously. This likely means that we weren’t in the bull run quite just yet.
Then the market kicked into overdrive and rocketed in the last week or so. Prices grew by close to $10,000 (Around 20%) in just a week and that very closely resembles what we experienced last time. With more drastic spikes, the current market trends are looking much more familiar to the 2020 run, marking the sentiment that we could be arriving at the bull run now.
It’s important to note, however, that past performances can’t predict, with 100% accuracy, future performances. The data and opinions presented are purely speculative. The current sentiment that leans toward us arriving right at the start of the bull run is simply built upon our experience with past bull runs and our expectations for milestones such as the Bitcoin halving that will occur this year.
What Can We Expect?
If we are potentially arriving at the start of the bull run, what can we expect? What’s next?
The previous consensus around the community is that the Bitcoin halving will be the leading factor for the next bull run. There were two major predictions for when the bull run will occur: either shortly after the halving or around five to six months after the halving. The former is based on the predicted hype that will follow the halving while the latter uses past performance as the basis for estimation. The last halving occurred on May 11th, 2020, and the bull run happened roughly half a year later towards the end of 2020.
With current market trends, however, it looks like we might be starting early. What we can expect is for the Bitcoin halving to serve not as what ignites the bull run but as what will probably prolong or strengthen it. We could see some correction drops before and after the halving but expectations are that it will hold out and reach new heights.
With this in mind, it’ll be interesting to see if we indeed continue to surf the next momentous period in crypto. We might even see the market deviate from history and beat everyone’s predictions. Maybe we’ll see a new height never before seen, and maybe we will never see it again. The excitement is what makes this landscape so revolutionary and exhilarating!
About ThunderCore
ThunderCore is an EVM-compatible blockchain featuring a breakthrough consensus protocol, PaLa, allowing lightning-fast efficiency. With users in more than 100 countries, this blockchain emphasizes a growing global reach. ThunderCore offers a native currency, TT, and nurtures an innovative ecosystem within the TT Wallet mobile app.
What’s Next?
Next time on Thunder Buzz, we will talk about a few of the hottest topics in the crypto scenes! We will also continue with our educational articles for Thunder Academy, so watch out for those as well.
Disclaimer
Any predictions or advice given in this article should only be taken with a grain of salt! Readers should still proceed at their own caution regardless of the provided information.
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