Because of Bitcoin’s incredible performance over the past four weeks, Bitcoin is just under $ 16,000. While the market has since regrouped for a breather, many are wondering if we are on the verge of a big rebound when the number one cryptocurrency strength shows.
Source: BTCUSDT on TradingView.com
The last time three years ago it was the most surprising. In just 33 days, Bitcoin rose from $ 5.5,000 to $ 20,000.
That alone was primarily responsible for changing the narrative about Bitcoin as “magical internet money”. From that point on, people were forced to consider it a serious competitor in the financial sector.
As groundbreaking as what followed in the brutal crypto winter was just as significant. But for the wrong reasons.
The crypto winter finally bottomed out when Bitcoin fell to $ 3,000 a year after its all-time high. At this point, the only ones left were the believers in what Crypto wanted to achieve.
However, history shows that the final mania phase was short and a long and drawn out bear cycle followed.
And as the FOMO begins to raise its head again, attention is turning to the Bitcoin price targets. Can Bitcoin Break Its All Time High? And if so, by how much?
Equally important is whether the incoming bull phase has the legs to print a sustained run.
This would herald another, more significant, narrative shift in the crypto industry.
Will the Bitcoin Bull run differently this time?
Bitcoin’s recent performance is despite the deteriorating macro picture. It seems like the US electoral drama, fear of economic collapse and ongoing panic situation are unable to end it.
Some would argue that Bitcoin was designed with such conditions in mind. However, that confidence wasn’t as great during Black Thursday or throughout the crypto winter.
Even so, with Bitcoin apparently in tears right now, talk of a sustained Golden Bull Run is making the rounds.
It is impossible to know if this will be the case this time. However, in defense of this view, it should be noted that things are much better now than they were in 2017.
The 2017 bull run was largely the result of speculation, and few institutions were in place at the time. Now the foundations and infrastructure are stronger than ever.
And with the approval of MicroStrategy, Grayscale, and PayPal, to name a few, it looks like the stars will be lining up for Bitcoin to fulfill Nakamoto’s vision.
The coming months will show if a mature market, as well as the added legitimacy that institutional money brings with it, has what it takes to kick off a sustainable bull run.
When all of these factors come together, only a fool would bet against Bitcoin.