The Bitcoin price has risen again in the last few weeks after suffering heavy losses for the past 3 months. Can the upward trend continue in the coming weeks and months? We give 3 reasons why the Bitcoin bull market should continue in the spring.
Reasons for Bitcoin bull market – 1. Strong fundamentals
The Bitcoin course has had major problems in recent weeks. But the fundamentals of the Bitcoin network were extremely positive during this time. The Bitcoin hash rate in particular has risen sharply in recent weeks and recently reached a new all-time high. I reported about it here .
Furthermore, the data of the Bitcoin blockchain show that the long investors and the big Bitcoin whales are investing again. The price drops were mainly driven by speculators. With this strong fundamental data, the Bitcoin bull market should continue in the medium and long term.
2. End of the pandemic
In recent months, the pandemic has not only determined everyday life, but also the international financial markets. Bitcoin was not spared either. The fact that the Bitcoin bull market has stalled in recent months also seems to be a result of the discovery of the new virus variant.
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Now, however, there are many indications that many countries are lifting all measures because they only assess the risk of the pandemic as low. This should benefit the global economy and also strengthen the financial markets. Ultimately, this new freedom should also encourage investors to reinvest in the crypto market and fuel the Bitcoin bull market.
Reasons for Bitcoin bull market - 3. Crypto finally becomes mainstream
In 2021, there was a major institutional adaptation of bitcoin and other cryptocurrencies. More and more banks, funds and other financial institutions are investing in Bitcoin and using blockchain technologies. 2022 could now be the year of mainstream adoption of cryptocurrencies.
The rising popularity of DeFi, NFTs, and the metaverse is a first taste of crypto’s move towards the mainstream. Another important sign was the million dollar commercials from 3 crypto exchanges at the Super Bowl . A move into the mainstream should give massive support to the Bitcoin bull market in the coming months.
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