News - 5 reasons why it's time to be bullish on Bitcoin

By Mike Hesp

5 reasons why it's time to be bullish on Bitcoin

Bitcoin (BTC)
Crypto acceptance
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5 reasons why it's time to be bullish on Bitcoin

The Bitcoin (BTC) price is on the rise. Will the rally continue? Here are 5 reasons to be bullish for the long term.

1. Bitcoin ETF attracts new investors

What has been dragging on for a long time may finally become a reality: an exchange traded fund (ETF) on Bitcoin. Blackrock has filed an application to issue a BTC trust as a bitcoin trust ETF. Why this is bullish? Not only has the world's most powerful asset manager apparently realized that Bitcoin is inextricably linked to the financial world, but a BTC ETF would also make investing in the largest cryptocurrency much easier. Even those in doubt will reconsider. This, of course, also helps the Bitcoin price.

2. Bottoming out appears complete

In recent months, the crypto market mostly faced negative news, for example, Binance is taking quite a beating. And the U.S. Securities and Exchange Commission around Gary Gensler wants to put considerable pressure on the crypto sector. The Bitcoin (BTC) price kept falling over the course of this. But the March low of just under US$20,000 was barely reached again in the aftermath. This seems to be the bottom at the moment.

3. Bitcoin hodlers don't let their guard down

Closely related to the point above: A closer look at the blockchain data reveals that the number of wallets that are no longer moving their Bitcoin is steadily growing. The "hodlers of last resort," that is, those who are not deterred by negative news, are growing steadily. Moreover, they are also getting richer. For example, the number of BTC millionaires alone increased by 48,000 in 2023.

4. Supply continues to shrink

Bitcoin fans already know: the cryptocurrency is limited to a maximum of 21 million BTC. And they are getting fewer by the day. Currently, there are already 19.4 million coins in circulation. If demand for the asset continues to grow, which is mainly indicated by point 1, it should also have a positive impact on the rate of Bitcoin.

5. The Bitcoin halving is just around the corner

In the coming year, the supply of new coins will again be drastically reduced. This is because the reward for mining Bitcoin is halved every 100,000 blocks, roughly every four years. The next halving is expected on April 05, 2024, the reward for miners will be halved to 3.125 BTC. In the past, this event has caused huge price increases since the beginning of the crypto era.

Disclaimer: This is not investment advice, no one can predict the future. Crypto investments can always result in a loss. Invest only with money you can afford to lose!

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