For some time now, many have wondered whether the bear market has really ended, especially looking at the struggle currently facing Altcoins as Bitcoin gains in Market Dominance. In a recent tweet and an article on Medium, Rekt Capital has answered the question in the affirmative. Yes, Bitcoin is indeed in a bull market.
Wave Of Interest
Explaining its position, Rekt Capital noted that Bitcoin is currently experiencing a new wave of interest from various quarters including companies like WholeFoods and AT&T that are now accepting Bitcoin payments.
Bakkt, a BTC futures trading platform, is scheduled to launch soon, and Microsoft has announced plans to build on the Bitcoin blockchain. Also, the upcoming Facebook crypto, Libra, has exposed more people to cryptocurrencies especially Bitcoin. In effect, Bitcoin is getting more popular and in-demand.
In simple terms, a Market Trend is the “journey” of an asset from a down-trend, through the transitional and accumulation phase, and back to a new uptrend. Since April, Bitcoin has rallied up by around 300%, and that clearly indicates a budding positive price action that has given birth to a new uptrend.
Going on, Rekt Capital explains that Bitcoin’s Market Cycle is currently very much in favor of a bull market, adding that every time the crypto experiences a burst, it’s followed by a boom that cultivates in a new ATH. Indeed, 2018 was Bitcoin’s flop after the boom of December 2017, and that has now set the stage for a subsequent boom.
It’s hard to ignore the rate of supply when talking about an asset like Bitcoin. In this case, the Bitcoin network’s reward halving features rather prominently. The halving is expected to occur in May next year (2020), and it’s expected to increase BTC’s demand by reducing its rate of supply by 50%.
As such, it’s safe to opine that Bitcoin is already in a bull market as market forces get ready to conjure up a reaction to the imminent reduction of its supply.