A Bitcoin Bull Run is Immanent as BTC Breaks $35,000, and Here is Why

• Historical price patterns and upcoming Bitcoin halving suggest a bull run could happen soon, like previous cycles
• Major holders and traders are accumulating Bitcoin, showing confidence before rallies
• Sentiment is growing increasingly bullish, with greed returning to crypto markets similar to past bull runs

The cryptocurrency market is showing signs of a potential bullish cycle, with Bitcoin breaking above $35,000 for the first time in 18 months. As the April 2024 halving approaches, six-figure Bitcoin price predictions are becoming increasingly common. Let’s explore four key factors that suggest Bitcoin is gearing up for its next bull run.

Historical Price Patterns and the Halving Cycle

Bitcoin’s price trends often follow cyclical, four-year patterns tied to events like the halving. The halving reduces the supply of new Bitcoin, typically spurring a bull run that lasts until a new all-time high is reached. The next halving is less than 180 days away, so if historical patterns hold, a rally could begin soon.

Accumulation by Major Holders

On-chain data reveals that large “whale” entities and smaller traders alike are accumulating Bitcoin, a sign of confidence that often precedes rallies. Additionally, stablecoins are now flowing into Bitcoin, suggesting traders are preparing for upside.

Likelihood of a Bitcoin ETF Approval

A Bitcoin ETF could attract substantial institutional investment, positively impacting Bitcoin’s price. Analysts have upgraded the chance of US ETF approval to 65%. According to EY, an ETF could trigger huge institutional demand.

Sentiment Shift in the Crypto Market

The crypto Fear & Greed index hit 72, signaling high greed. This matches levels seen in late 2021 before Bitcoin hit its peak. Shifts in sentiment have preceded bull runs in the past.

Conclusion

With the halving approaching, big players accumulating, ETF approval chances rising, and greed returning to crypto, the stage may be set for Bitcoin’s next bull run. While crypto is always risky, the indicators suggest upside could be ahead.