By NewsBlogger The ongoing bull market in Bitcoin is gaining momentum driven by investor demand outpacing supply, with projections suggesting the market is still in its early stages and could extend into 2025.
At a glance
- Bitcoin is trading at $67,500, with a 205% increase in the last twelve months.
- Experts project a bull market extending into 2025.
- Factors contributing to positive trends include spot ETFs, halving events, and active Bitcoin addresses.
- Predictions of Bitcoin reaching $300,000 during the upcoming bull run.
- Growing openness among Millennials and Gen Z towards cryptocurrency adoption.
The details
The ongoing bull market in Bitcoin continues to gain momentum, driven by investor demand outpacing supply.
Currently trading at $67,500, Bitcoin has seen a remarkable 205% increase in the last twelve months.
Experts believe that this bull market is still in its early stages, with projections that it could extend into 2025.
Factors Contributing to the Positive Trend
Several factors are contributing to the positive trend in the market.
The introduction of spot ETFs and an upcoming halving event are key drivers of the current bullish momentum.
CryptoQuant analysis indicates that the market has not yet reached the peak of the current bull cycle, with active Bitcoin addresses serving as a crucial metric for measuring investor activity.
Tether co-founder has made a bold predicted that Bitcoin could reach $300,000 during the peak of the upcoming bull run.
The author of the Rich Dad, Poor Dad book echoes this sentiment.
Spot Bitcoin ETFs are experiencing significant inflows into their funds, while miners have earned $75.9 million in daily revenue, marking the second-highest in history.
Technical analysts are closely monitoring Bitcoin’s price movements, with critical support levels identified at $66,112. A break below this level could potentially lead to a further correction in BTC prices.
Renowned Bitcoin analyst CryptoCon suggests that BTC prices could range between $77,000 and $149,000 if the cycle top occurs later in the year.
Moreover, there is a growing openness among Millennials and Gen Z to adopt cryptocurrency, with Bitcoin being a polarizing asset among different demographics.
While some criticize it as fake, a fraud, or worthless, younger generations and the unbanked outside the U.S. are increasingly embracing Bitcoin.
In Q4 of 2023, 38% of Millennials and Gen Z embraced cryptocurrencies, with 26% of Baby Boomers sharing similar beliefs.
Millennial millionaires have shown a strong interest in cryptocurrency, with 83% owning it as of December 2021. Bitcoin’s expansion beyond the traditional financial system and the support from Millennial and Gen Z investors are expected to drive Bitcoin prices higher.
Analysts predict Bitcoin will reach $82,000 in the near term, $150,000 before the year ends, and potentially even higher in the future.
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Facts attribution
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| cryptopotato.com |
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| – A bull market is characterized by investor demand surpassing supply, leading to market confidence and price increases |
| – The ongoing bull market has not yet reached its peak according to some on-chain metrics – Bitcoin is currently trading at $67,500, reflecting a 205% increase in the last twelve months – Experts believe we are still in the early stages of the Bitcoin bull market, expected to extend into 2025 – The introduction of spot ETFs and an upcoming halving event are contributing to the bullish trend – CryptoQuant analysis suggests the market has not reached the peak of the current bull cycle |
| cryptopotato.com |
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| – Bitcoin (BTC) has been hovering above $67K for the past 48 hours – Spot Bitcoin ETFs are netting substantial inflows into their funds – Miners have earned $75.9 million in daily revenue, the second-highest in history – Traders and market analysts are monitoring BTC closely – Technical analyst Alà shared a critical support level for Bitcoin at $66,112 – Breaking below $66,112 could lead to a further correction for BTC – Renowned Bitcoin analyst CryptoCon suggests BTC prices could reach between $77,000 and $149,000 if the cycle top occurs late in the year – Long-term Bitcoin holders are taking profits as BTC hits new ATHs – Analysts believe the market might be poised for a prolonged bull run – Technical analyst Michaël van de Poppe says Bitcoin’s valuation is higher pre-halving due to spot Bitcoin ETFs – Van de Poppe suggests that a 30% correction is looming and the market top is near |
| cryptopotato.com |
|---|
| – Millennials and Gen Z are more open to adopting cryptocurrency – Bitcoin is polarizing, with some calling it fake, a fraud, or worthless – Bitcoin is being adopted by younger generations and the unbanked outside the U.S. – 38% of Millennials and Gen Z embraced cryptocurrencies in Q4 of 2023 – 26% of Baby Boomers share the younger generations’ beliefs about crypto – 83% of Millennial millionaires owned cryptocurrency in Dec. 2021 – 53% of Millennial millionaires kept half or more of their wealth in cryptocurrency – Bitcoin is bootstrapped and didn’t grow in the traditional financial system – Millennial and Gen Z investors are predicted to push Bitcoin prices higher – Bitcoin is expected to reach $82,000 near-term, $150,000 before year end, and even higher in the future |
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