{"id":573611,"date":"2024-02-06T23:00:42","date_gmt":"2024-02-06T23:00:42","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=573611"},"modified":"2024-06-11T08:33:53","modified_gmt":"2024-06-11T08:33:53","slug":"bitcoin-bull-run-2024-inevitable","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/bitcoin-bull-run-2024-inevitable\/","title":{"rendered":"Here\u2019s Why A Bitcoin Bull Run In 2024 Is Inevitable"},"content":{"rendered":"

The expectations of a Bitcoin bull run<\/a> in the year 2024 continue to drive investment decisions across the space. A number of reasons have been given for the expected bull run, including the approval of Spot Bitcoin ETFs for trading as well as the upcoming BTC<\/a> halving event. One analyst has echoed the latter, elaborating on why the halving will bring about a bull market.<\/p>\n

The Bitcoin Halving Event Will Send Market Higher<\/h2>\n

Crypto analyst James van Straten took to X (formerly Twitter) to explain why the Bitcoin halving event<\/a> is bullish for price. Now, the halving is an event that is programmed to take place approximately every four years, cutting the block rewards in half each time it happens.<\/p>\n

Related Reading: LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says<\/a><\/div>\n

This means that the number of BTC that miners are awarded for mining a block is immediately slashed by 50%, thereby drastically reducing the number of new coins coming into circulation. Currently, the block reward is at 6.25 BTC and the next halving will slash it to 3.125.<\/p>\n

Straten points to this reduction, using the monthly issuance as the case study. He explains that over the past month, there have been a total of 61,000 BTC accumulated by miners and exchanges. However, after the halving, the monthly issuance is expected to drop to 13,500 BTC<\/a> and it is this drop that is most significant.<\/p>\n

\n

Past 30 days of all cohorts, miners and exchanges included have accumulated 61,000 #Bitcoin<\/a>.<\/p>\n

When monthly issuance gets cut in half in April to 13,500 #Bitcoin<\/a>.<\/p>\n

If demand stays the same, it outpaces issuance by a factor of 4.<\/p>\n

Market will find an equilibrium most likely\u2026 https:\/\/t.co\/FZOWsa8AGR<\/a> pic.twitter.com\/yn4lsF3cPG<\/a><\/p>\n

\u2014 James Van Straten (@jvs_btc) February 6, 2024<\/a><\/p><\/blockquote>\n

As Straten points out, if the demand were to stay elevated at the same levels when the halving takes place, it would see demand exceed supply by a factor of four. This will cause a shift in the market, which will have to \u201cfind an equilibrium most likely higher.\u201d In other words, prices would have to go up to keep up with the demand.<\/p>\n

\"Bitcoin<\/p>\n

BTC price recovers from crash | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Targets For BTC Price In 2024<\/h2>\n
Another bullish factor for the Bitcoin price is that the halving year coincides with the United States presidential elections. As Markus Thielen, Head of Research at Matrixport, pointed out in an analysis, this coincidence has always been bullish for the price.<\/p>\n
Related Reading: Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price?<\/a><\/div>\n
The report points back to the previous halving and election years, which show the price of Bitcoin ending on a high note. The last three halving years have seen BTC<\/a> rise 152% in 2012, 121% in 2016, and 302% in 2020, showing a consistent trend.<\/p>\n
With the year 2024 being another halving and election year, the research analyst expects that the price of Bitcoin will finish out the year at $70,000. This would mean another 65% rally from the current price levels, and if the trends hold, the start of another bull market<\/a>.<\/p>\n
\u201cSupported by the macro environment, monetary tailwinds, the US election cycle, and gradually increasing demand from TradeFi investors allocating to Bitcoin ETFs<\/a>, a Bitcoin rally to 70,000 appears plausible,\u201d Thielen said.<\/p>\n
Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Bitcoin News, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The expectations of a Bitcoin bull run in the year 2024 continue to drive investment decisions across the space. A number of reasons have been given for the expected bull run, including the approval of Spot Bitcoin ETFs for trading as well as the upcoming BTC halving event. One analyst has echoed the latter, elaborating on why the halving will bring about a bull market. The Bitcoin Halving Event Will Send Market Higher Crypto analyst James van Straten took to X (formerly Twitter) to explain why the Bitcoin halving event is bullish for price. Now, the halving is an event that is programmed to take place approximately every four years, cutting the block rewards in half each time it happens. Related Reading: LUNC Price Rally Is Far From Over Following Falling Wedge Breakout, Analyst Says This means that the number of BTC that miners are awarded for mining a block is immediately slashed by 50%, thereby drastically reducing the number of new coins coming into circulation. Currently, the block reward is at 6.25 BTC and the next halving will slash it to 3.125. Straten points to this reduction, using the monthly issuance as the case study. He explains that over the past month, there have been a total of 61,000 BTC accumulated by miners and exchanges. However, after the halving, the monthly issuance is expected to drop to 13,500 BTC and it is this drop that is most significant. Past 30 days of all cohorts, miners and exchanges included have accumulated 61,000 #Bitcoin. When monthly issuance gets cut in half in April to 13,500 #Bitcoin. If demand stays the same, it outpaces issuance by a factor of 4. Market will find an equilibrium most likely\u2026 https:\/\/t.co\/FZOWsa8AGR pic.twitter.com\/yn4lsF3cPG \u2014 James Van Straten (@jvs_btc) February 6, 2024 As Straten points out, if the demand were to stay elevated at the same levels when the halving takes place, it would see demand exceed supply by a factor of four. This will cause a shift in the market, which will have to \u201cfind an equilibrium most likely higher.\u201d In other words, prices would have to go up to keep up with the demand. BTC price recovers from crash | Source: BTCUSD on Tradingview.com Targets For BTC Price In 2024 Another bullish factor for the Bitcoin price is that the halving year coincides with the United States presidential elections. As Markus Thielen, Head of Research at Matrixport, pointed out in an analysis, this coincidence has always been bullish for the price. Related Reading: Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish On DOGE Price? The report points back to the previous halving and election years, which show the price of Bitcoin ending on a high note. The last three halving years have seen BTC rise 152% in 2012, 121% in 2016, and 302% in 2020, showing a consistent trend. With the year 2024 being another halving and election year, the research analyst expects that the price of Bitcoin will finish out the year at $70,000. This would mean another 65% rally from the current price levels, and if the trends hold, the start of another bull market. \u201cSupported by the macro environment, monetary tailwinds, the US election cycle, and gradually increasing demand from TradeFi investors allocating to Bitcoin ETFs, a Bitcoin rally to 70,000 appears plausible,\u201d Thielen said. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Bitcoin News, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":573623,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85533,656,679,1119,89185,1122,1144,78790,6664,14690],"class_list":["post-573611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nHere\u2019s Why A Bitcoin Bull Run In 2024 Is Inevitable<\/title>\n<meta name=\"description\" content=\"The expectations of a Bitcoin bull run in the year 2024 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/www.uniquehot.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here\u2019s Why A Bitcoin Bull Run In 2024 Is Inevitable","url":"http:\/\/www.uniquehot.com\/news\/bitcoin-bull-run-2024-inevitable\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.uniquehot.com\/news\/bitcoin-bull-run-2024-inevitable\/"},"thumbnailUrl":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/02\/Bitcoin-bull.jpeg?resize=200%2C168","image":{"@type":"ImageObject","url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/02\/Bitcoin-bull.jpeg?fit=300%2C168"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bull run","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto news"],"dateCreated":"2024-02-06T23:00:42Z","datePublished":"2024-02-06T23:00:42Z","dateModified":"2024-06-11T08:33:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s Why A Bitcoin Bull Run In 2024 Is Inevitable\",\"url\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/bitcoin-bull-run-2024-inevitable\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/bitcoin-bull-run-2024-inevitable\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-bull.jpeg?resize=200%2C168\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/Bitcoin-bull.jpeg?fit=300%2C168\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bull run\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto news\"],\"dateCreated\":\"2024-02-06T23:00:42Z\",\"datePublished\":\"2024-02-06T23:00:42Z\",\"dateModified\":\"2024-06-11T08:33:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/02\/Bitcoin-bull.jpeg?fit=300%2C168","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/573611"}],"collection":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/comments?post=573611"}],"version-history":[{"count":0,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/573611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media\/573623"}],"wp:attachment":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media?parent=573611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/categories?post=573611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/tags?post=573611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}