Introduction

Bitcoin experienced a significant bullish move recently, rising by over 10.30% in a single day to attain a yearly high of $35,280 on 24 October 2023. This move has surprised many analysts and crypto enthusiasts given the crypto market’s prolonged bear market over the past two years.  While the price has managed to hold above the $34000 level in the past few days, investors have been curious to find out if the bullish momentum is over yet and what to expect next from Bitcoin.

Will the bullish trend for Bitcoin continue? What are the factors driving up the price of Bitcoin? This work has provided useful insights into this pressing question regarding the next move for Bitcoin.

Bitcoin’s Bull Move – Is it Over, Yet?

Bitcoin has been on a strong bullish trend in the past two weeks gaining over 25% of its value within this period. The price had managed to stay above the $34,000 level after reaching a year’s high at $35,280 last week. With the price unable to break above this level in the last six days; investors have been wondering whether the bullish trend for Bitcoin is over and if this could become the new resistance for Bitcoin. While the trading volume for Bitcoin has diminished significantly in the past few days, there is still high demand for Bitcoin across the various trading platforms today.

So, Is the Bullish Trend Over or Likely to Continue?

It is difficult to say whether or not the current bullish trend for Bitcoin is over or likely to continue as the crypto market is notoriously volatile and highly unpredictable. However, many factors suggest that the current bull run may be sustainable:

a) Technical indicators: Bitcoin’s price chart shows many bullish technical indicators, such as a golden cross and a breakout from a descending resistance trendline. This has been fueling investors’ sentiment that the bullish trend might last longer.

b) On-chain metrics: On-chain metrics, such as the number of active addresses and the amount of Bitcoin held by long-term holders, are also showing bullish signals for Bitcoin currently.

c) Fundamental factors: The fundamental factors driving Bitcoin’s adoption and demand are still strong. Institutional adoption is increasing, while the regulatory developments are relatively positive. Additionally, the popularity and acceptance among merchants and businesses are growing steadily resulting in new investors coming to buy Bitcoin (BTC) with Credit Card and other available methods.

Other Factors that could sustain the bullish trend for Bitcoin

A few other factors could support the current bullish trend for Bitcoin in the long term and attract new investors to buy Bitcoin using the best ECN brokers:

• The upcoming Bitcoin halving: The next Bitcoin halving is scheduled to occur in April 2024. This is a programmed event that reduces the amount of Bitcoin rewarded to miners by 50%. Halvings have historically been bullish for Bitcoin, as they reduce the supply of new coins entering the market.

• The continued growth of the DeFi ecosystem: Decentralized finance (DeFi) is a rapidly growing ecosystem of financial applications built on the blockchain. Bitcoin is used as collateral for many DeFi applications, and the increased growth of this ecosystem could drive further demand for Bitcoin.

• The development of the  Lightning Network: The Lightning Network is a second-layer payment protocol that allows for fast and cheap Bitcoin transactions. The ongoing development of the Lightning Network could make Bitcoin more attractive as a medium of exchange, which could drive further demand and price appreciation.

Conclusion

The outlook for Bitcoin appears to be bullish. The asset is benefiting from many factors, including increased institutional adoption, positive regulatory developments, growing popularity and acceptance among investors, and strong fundamental factors. While the future looks so bright for Bitcoin, investors should never lose sight of the risks associated with Bitcoin investments, as its future price remains unpredictable.