4 things that can spark the next Bitcoin bull cycle
Bitcoin is down 15% from its 2023-highs, but $40,000 may be closer than you think due to several important factors. Bitcoin (BTC) has dropped nearly 15% from its yearly high of around $31,000, with the recent regulatory crackdowns on Coinbase and Binance crypto exchanges and the Federal Reserve's hawkish forward guidance accelerating its selloff. Still, Bitcoin is up 60% year-to-date (YTD), holding above a technical support level of $25,000. Moreover, a new bull cycle can begin for a few reasons. Bitcoin halving The next Bitcoin halving, a pre-programmed event that slashes the cryptocurrency's supply rate by half every four years, is in April 2024. The previous three Bitcoin halvings (2012, 2016, 2020) have all preceded massive BTC price rallies and new all-time highs. For instance, BTC is up 276% since the previous halving in May 2020. Bitcoin price performances since the last three halvings. Source: Glassnode The market will likely be in an accumulation zone until the halv...