According to a Dutch analyst named Plan B, who has previously predicted patterns related to halving cycles of the cryptocurrency, “Bitcoin is beyond the point of no return; a bull market is inevitable” . The renewed interest in Bitcoin has caused the cryptocurrency to rise nearly $10,000 in price over the last two weeks, taking its overall market cap above $700 billion. On Thursday, Bitcoin reached above $35,000 for the first time since May 2022. The gains have been buoyed by renewed institutional interest and hopes that an upcoming “halving” event will spark another record-breaking bull run.
Scheduled to take place in April 2024, the event will see the production of Bitcoin cut in half as part of an anti-inflationary measure that was hard-coded into its underlying blockchain by its pseudonymous creator, Satoshi Nakamoto.MicroStrategy, a software firm that has made bitcoin investment one of its core strategies in recent years, is among those betting on a bull run.
Bitcoin Price (USD)
In October, a US company bought 155 more bitcoins at an average price of $29,586 per BTC, increasing its total holdings to 158,400 BTC. During an earnings call on Wednesday, MicroStrategy co-founder Michael Saylor expressed optimism that “positive regulatory initiatives” and increasing clarity would create “more comfort for institutional investors” to buy Bitcoin. Andrew Kang, MicroStrategy’s chief financial officer, added that the company’s commitment to acquire and hold Bitcoin remains strong, especially with the promising backdrop of increased institutional adoption.
Some people think there might be a new cycle for the crypto market. This is because of recent data. The data suggests that more and more people are investing in crypto. This new wave of investors is driving the market.
Matteo Greco, a research analyst at crypto investment firm Fineqia International, noted that the cumulative daily volume for 22 October to 28 October reached $2412 billion, the highest level recorded since the end of March.
The amount of Bitcoin being traded has gone up a lot. This is because more people are buying and selling Bitcoin. In the last seven days, the total amount of Bitcoin traded was worth $9.1 billion. This is 42% more than the week before and 139% more than two weeks ago. These trends suggest that more and more people are starting to invest in Bitcoin.