Insights and predictions on whether the official start of the 2024 crypto bull run has occurred

The crypto market is currently experiencing a strong bull run in 2024, which is being hailed as one of the most powerful in the history of Bitcoin. This claim is supported by various pieces of evidence.

One significant factor contributing to the surge in Bitcoin’s price is the upcoming BTC halving scheduled for April 19-20. This event will reduce the block reward for miners from 6.5 BTC to 3.25 BTC, which has historically had an impact on Bitcoin’s supply and subsequently its price.

James Check, a leading on-chain analyst at Glassnode, suggests that the current bull 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 points out that this bull market ranks among the strongest in Bitcoin’s history, citing minimal corrections throughout the rally.

The surge in crypto prices is not only affecting trading but also job markets within the industry. Despite previous years of bearish stagnation, the number of vacancies in the crypto industry reached an annual high in March. Data from CryptoJobsList reveals a significant increase in job postings and applicants, reaching an annual record in March with 5,843 job applicants.

To understand what is happening during this bull run, it is essential to grasp the concept of a crypto bull run. A bull run refers to a period of sustained upward movement in the prices of crypto assets, particularly Bitcoin and other major digital assets. During a bull run, investor confidence and buying activity increase, driving prices higher. This surge often leads to new all-time highs for various cryptocurrencies and attracts attention from both retail and institutional investors.

The current bull run is fueled by positive market sentiments, such as the approval of spot BTC ETFs by the U.S. SEC and the anticipation surrounding the upcoming BTC halving. However, it is important to note that bull runs are not indefinite and are usually followed by periods of price correction or consolidation.

Looking back at the history of crypto bull runs, the first notable one occurred after Bitcoin’s first halving in 2012. Despite its relatively low profile at the time, Bitcoin’s price surged from double digits to over $1,000 in 2013, marking its entry into the financial spotlight. However, this rise was followed by a swift correction, with prices plummeting back to around $200 by 2015.

The second major bull run coincided with Bitcoin’s second halving event in 2016, where its price climbed from around $430 to over $750 by early June 2016. Bitcoin ultimately surged to new highs, surpassing $19,000 by December 2017. The third major bull run occurred after the 2020 halving event, with Bitcoin’s price peaking near $69,000 in November 2021.

Now, let’s explore the cues that indicate the start of the crypto bull market in 2024 and their implications. One significant cue is the inflows into spot BTC ETFs, which have experienced rapid growth since their inception in January 2024. Grayscale Bitcoin Trust (GBTC) and BlackRock iShares Bitcoin Trust (IBIT) command over 70% of the assets under management (AUM), indicating growing interest and confidence among investors in BTC.

Price stability is another prominent cue, with BTC maintaining a relatively tight trading range above $65,000 since reaching its all-time high. The repeated testing of the $69,000 to $70,000 mark in recent weeks suggests strong support levels and potential for further upward movement.

The BTC hash rate, which measures the computational power used for mining, has been steadily climbing and reached 653 EH/s as of April 10. This growing hash rate, combined with the approaching halving event, strengthens the bullish outlook for BTC.

The BTC fear and greed index consistently registering above 75, and even touching 90 at the time of BTC’s all-time high in March, serves as another indicator of the prevailing bullish sentiment. High levels of investor optimism often correlate with upward price trends.

The surge in prices of crypto-related stocks, such as Coinbase (COIN), Marathon Holdings (MARA), and Microstrategy (MSTR), further reinforces the bullish outlook for the crypto market. These stocks have witnessed strong gains, highlighting the underlying bullish sentiment in the market.

Experts have also weighed in on the crypto bull run prediction. Michaël van de Poppe suggests that Bitcoin’s surge before the halving is a positive sign and indicates upward potential for the market. He also suggests that altcoins could experience substantial growth if Bitcoin maintains its momentum. Another analyst highlights the ongoing strength of BlackRock’s spot Bitcoin ETF, indicating a growing interest from long-term investors.

While these predictions are encouraging, it is important to approach them with caution. Market fluctuations and unforeseen events can impact the direction of crypto assets. Thorough research and advice from financial professionals are essential before making investment decisions. It is crucial to never invest more than you can afford to lose.

In conclusion, the current crypto bull run in 2024 is proving to be one of the strongest in Bitcoin’s history. Evidence such as the upcoming BTC halving, job market trends, inflows into spot BTC ETFs, price stability, BTC hash rate, fear and greed index, and the surge in crypto-related stocks all point towards a bullish outlook for the market. However, it is important to exercise caution and conduct thorough research before making investment decisions.