Here are four arguments in favour of an impending Bitcoin bull run after the price of BTC surpasses $35,000, an 18-month high.

Six-figure Bitcoin price projections are growing more frequent as the likelihood of a Bitcoin exchange-traded fund (ETF) getting approved rises, especially now that the April 2024 halving is less than 180 days away.

Historical tendencies of BTC prices, halving

The Bitcoin price trends frequently follow cycles. Scholars have observed similarities between past trends and the present price trajectory, indicating the possibility of a bullish cycle akin to that which occurred from 2013 to 2017.

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As the halving is less than 180 days away, it is becoming more usual to predict that the price of Bitcoin will surpass $100,000.

However, some contend that this time around's halving might turn out differently, while others think it will be the most significant yet.

accumulating bitcoin: not just for whales

Prominent participants are boosting their Bitcoin holdings as a sign of confidence. Major investors are selling stablecoins for more Bitcoin, according to on-chain analytics, which indicates a trend reversal that may provide impetus for a surge above $35,000.

More significantly, accumulation by Bitcoin "whales," or entities holding at least 1,000 BTC, has typically preceded significant rises. 

According to statistics from Glassnodes, Bitcoin's Accumulation Trend Score is now 1 (see the chart above), meaning that larger whale entities—which make up a significant portion of the network—are generally accumulating. 

Smaller companies have also broken new highs and set accumulation records in 2023.

Approval of Bitcoin ETF is approaching.

In the United States, the debate about Bitcoin ETFs has been intensifying.

Analysts at Bloomberg ETFs have raised the chance of a Bitcoin ETF being approved to 65%. If approved, such an ETF might increase the number of institutional investors in the market and raise the price of cryptocurrencies.

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According to EY, a Bitcoin ETF is anticipated to spark enormous demand from institutions.

mood in the cryptocurrency market is rising

An indicator of investor mood in the cryptosphere, the Fear & Greed Index, showed a noteworthy score of 72, suggesting that "greed" was prevalent in the market.

This change in market attitude may portend an impending bull run, as it has historically preceded price increases. Curiously, since November 2021, when Bitcoin hit its all-time high price of $69,000, this is the peak of "greed."

DISCLAIMER: We don't provide any investment advice.