Is the Greatest Crypto Bull Run Around the Corner?
The post Is the Greatest Crypto Bull Run Around the Corner? appeared first on Coinpedia Fintech News
We are living in exciting times. Bitcoin has just surpassed $50,000 for the first time in two years, breaking a major psychological barrier. New altcoins like Pikamoon are making waves in the GameFi sector. The overall market sentiment is bullish, indicating that this is the beginning of the next crypto bull run.
But how long will this rally last? And how high can crypto prices go? Will this be the “Greatest” rally in crypto history? Or will it end up like the last one, with Bitcoin losing steam shortly after reaching a new high?
In this article, we will find answers to these questions and more, analysing the key drivers of the crypto market in 2024. We will also discuss the factors that will influence the future of crypto and what to expect from this exciting market. Read on to find out more!
Key Takeaways
- Historical Bitcoin Peaks: Examining Bitcoin’s historical peaks during previous bull runs reveals patterns of exponential growth and increased adoption. Each cycle influences the rise of altcoins like PIKA.
- Pikamoon’s Unique Position: Pikamoon, as a GameFi project, stands out for its unique value proposition, low presale price, and launch conditions similar to successful predecessors. Its potential for explosive growth aligns with the resurgence of the broader GameFi industry.
- Expert Opinions: Insights from crypto experts and industry insiders reveal that Bitcoin’s price will reach $500,000 to $1 million and will have a longer bull cycle with potential peaks in 2025 or 2026.
- Market Catalysts: Factors such as Bitcoin halving, approval of Bitcoin and Ethereum ETFs, industry innovations in Game Finance (GameFi), decentralised finance (DeFi), and geopolitical events are poised to drive the next crypto bull run.
- GameFi Success Stories: Examining past GameFi successes like Axie Infinity, Illuvium, and The Sandbox showcases the potential for massive returns and the integration of blockchain gaming with broader crypto trends.
History of Bitcoin Peaks – Making The Case for the Greatest Bull Run Ever
Being the first-ever cryptocurrency, Bitcoin has undergone several cycles of boom and bust since its inception. Each cycle has seen Bitcoin reach new heights of value and adoption, which is then followed by all the altcoins.
In this section, we will look at the peak values achieved by Bitcoin during the previous four bull runs, followed by our analysis of what it could mean for the future.
The Early Days of Bitcoin
Bitcoin was born in 2009, and by 2011, its value jumped from $1 to a peak of $32, showing how valuable digital currencies could be. This was driven by the growing awareness and curiosity of Bitcoin among early adopters and the emergence of the first Bitcoin exchanges and marketplaces.
However, this bull run was short-lived, as Bitcoin suffered a major hack and theft in June 2011, causing its price to plummet to $2.
The 2013 Surge and Bust
In 2013, Bitcoin had two big jumps. Initially, it hit $266 in April. This was mainly fueled by the media attention, the Cyprus crisis, and the launch of the first Bitcoin ATM. Then, later the same year, it skyrocketed past $1,000, mainly because it became highly sought-after in China.
The Chinese demand for Bitcoin was driven by capital controls, the devaluation of the yuan, and the growing e-commerce sector. However, this bull run also ended abruptly, as China banned financial institutions from dealing with Bitcoin in December 2013, causing its price to drop to $300.
The Unprecedented 2017 Boom
The big jump! Bitcoin’s price pumped to a new all-time high of $19,783.06 on 12th December 2017. Everyone was talking about digital currency. Lots of new cryptocurrencies were being made, making people even more excited.
This was driven by the increasing mainstream adoption of Bitcoin and the innovation and speculation in the crypto space.
Some factors that contributed to this bull run were the launch of the first Bitcoin futures contracts, the introduction of secure hardware wallets like Ledger, the introduction of the Lightning Network, the popularity of initial coin offerings (ICOs), and the anticipation of the Bitcoin halving.
Nevertheless, this bull run also faced many challenges, such as regulatory uncertainty, technical issues, security breaches, and market manipulation, leading to a prolonged bear market until 2019.
The 2020-2021 Rally & A New Peak
In late 2020 and 2021, Bitcoin went bonkers again, achieving a new all-time high price of over $69,000 in November 2021. This was driven by unprecedented global events, institutional adoption, innovation and growth in the crypto industry.
The biggest factor that contributed to this bull run was the COVID-19 pandemic. The other secondary factors were the popularity of Decentralised Finance (DeFi) and Game Finance (GameFi), the rise of stablecoins, the adoption of Bitcoin by big corporations and celebrities, and the increasing scarcity of Bitcoin due to the halving.
Our Expert Analysis and Factors Driving the Next Crypto Bull Run
As its history proves, Bitcoin is the most resilient cryptocurrency in the market. The previous four bull runs have shown that Bitcoin can grow exponentially, achieving new heights of value and adoption every time. That means the next bull run will follow the same pattern.
Now, there are several reasons to believe that the next bull run of 2024 could be the “Greatest” one ever… for a very long time.
- First, the bitcoin halving, expected to occur in April 2024, will reduce the supply of new bitcoins by half, making them more scarce and valuable. Historically, the halving has been a catalyst for price appreciation, as it creates a supply shock and increases the demand for bitcoins.
- Second, the approval of a Bitcoin ETF in January, followed by an Ethereum ETF in May, will open the floodgates for more institutional and retail investors to enter the market without having to deal with the technical and regulatory hurdles of holding cryptocurrencies directly.
- Third, the innovation and growth in the crypto industry, especially in the areas of decentralised gaming (GameFi), stablecoins, and layer-2 solutions, has created more value propositions for cryptocurrencies.
- Fourth, unprecedented global events, such as the elections in over 50 countries, stimulus measures, inflation fears, and geopolitical tensions, have increased the demand for crypto as a hedge against uncertainty & inflation, a store of value, and a medium of exchange.
Let’s focus now on one sector at the forefront of this bull run: Game Finance (GameFi).
GameFi Industry Hype and Potential for Explosive Growth
The GameFi industry has witnessed tremendous growth and innovation in recent years, especially during the 2020-2021 crypto bull run. Some of the most successful GameFi projects that achieved massive returns for their investors and players are:
- Axie Infinity (AXS): A game where players breed, battle, and trade cute creatures called Axies. AXS is the governance token of the game, which also allows players to access various features and rewards. AXS started 2021 with a market cap of under $30 million but soared to almost $10 billion by November 2021, a staggering increase of over 33,000%.
- Illuvium (ILV): A game where players explore, capture, and battle deadly alien creatures called Illuvials. ILV is the game’s governance token, allowing players to stake and earn rewards. ILV started 2021 with a market cap of under $10 million but surged to $1.2 billion by November 2021, a remarkable increase of over 11,000%.
- The Sandbox (SAND) is a game where players create, own, and monetise virtual worlds and experiences. SAND is the utility token of the game, which also allows players to access various features and rewards. SAND started 2021 with a market cap of under $25 million but rocketed to $6.87 billion by November 2021, a phenomenal increase of over 27,000%.
These examples show how GameFi projects can deliver huge returns for their investors and players and create engaging and immersive gaming experiences. They also demonstrate how GameFi projects can benefit from the network effects and synergies of the Web3 ecosystem as they integrate with other platforms and protocols, such as decentralised exchanges, NFT marketplaces, and layer-2 solutions.
The Next Big GameFi Project – Pikamoon (PIKA) Generating Considerable Buzz Online
One of the most promising GameFi projects set to replicate the same level of success is Pikamoon. PIKA is in its last Presale stage, with 15 billion out of 50 billion tokens available for sale (and only 15% remaining).
Pikamoon is a 3D P2E game in the mystical world of Dreva, which is part of the overarching Pikaverse (Pikamoon Metaverse). Based on the Ethereum blockchain, its gameplay is centred around multiplayer battle arena (MOBA) and play-to-earn (P2E) dynamics.
Players can capture, battle, and evolve NFT creatures called Pikamoons to beat and dominate the rivals.
Pikamoon has many similarities with the previous GameFi projects that blew up during the last bull run, such as:
- All started with small market caps before an imminent bull run: Pikamoon will be launching at a similar bottom as the previous GameFi projects – priced at $0.0006 in presale – meaning it has a huge potential for growth and appreciation.
- All part of the GameFi industry: Pikamoon is a GameFi project that combines blockchain technology, gaming, and decentralised finance, offering economic incentives to players through play-to-earn models.
- All govern industry-leading blockchain games. Pikamoon leverages the latest trends and technologies in the GameFi industry, such as metaverse, NFTs, and blockchain gaming, creating an engaging, immersive, and rewarding game for players. This makes them suitable for mass adoption.
- All use the Ethereum blockchain: Pikamoon, Axie Infinity, Illuvium, and The Sandbox are all based on the Ethereum blockchain, the most popular and widely used platform for smart contracts, NFTs, and DeFi.
What’s exciting here is that Pikamoon will be launching at a market cap similar to these projects, around $10 million. With the mass adoption of Pikamoon and the general re-explosion of GameFi tokens, Pikamoon is all set to create the next batch of millionaires.
With all these culminating reasons, it’s obvious why many tout Pikamoon as this bull market’s prime GameFi investment.
Expert Analysis On The Next Crypto Bull Run & Answers To Common Questions
Below are some of the expert opinions on the next crypto bull run and the answers to some of the common questions posed in the introduction:
Arthur Hayes – Former Bitmex CEO & Crypto Expert
Arthur Hayes is one of the most prominent and controversial figures in the crypto space, known for his bold predictions and insights. He is the co-founder and former CEO of Bitmex, one of the world’s largest and most liquid crypto derivatives exchanges. He is also an avid crypto investor and trader who has been vocal about his bullish views on Bitcoin and other cryptocurrencies.
Hayes believes that Bitcoin is on its way to reaching $1 million per unit and that the current bull market could take it to $750,000. He bases his prediction on the macroeconomic factors that favour Bitcoin, such as the devaluation of fiat currencies, the inflationary policies of central banks, and geopolitical instability.
He also points out the growing adoption and innovation of Bitcoin, especially in the areas of institutional investment, regulation, and technology.
In another X post, he implies that NYCB’s downgrade to junk status could potentially lead to its eventual bankruptcy. Furthermore, he suggests that the continuous money printing by central banks, including the Federal Reserve, may contribute to the surge in bitcoin’s value, ultimately reaching $1 million.
Raoul Pal – Economist & Investment Strategist
Raoul Pal is a former hedge fund manager and investment banker who is now the founder and CEO of Real Vision, a financial analysis media platform. He is also a prolific crypto investor and advocate who has been sharing his bullish views on Bitcoin and other cryptocurrencies for years.
Pal believes that we are at the beginning of the greatest crypto bull run ever and that Bitcoin could reach $500,000 or even $1 million in the next five years. He bases his prediction on the exponential growth and adoption of crypto and the network effects and synergies of the Web3 ecosystem.
He also compares crypto to the internet and argues that it is the most disruptive and transformative technology of our time.
Michaël van de Poppe – Crypto Investor and Influencer
Michaël van de Poppe is a professional crypto trader and analyst who is also a popular content creator and influencer in the crypto space. He is the founder and CEO of Eight Global, a crypto education and consulting platform, as well as a regular contributor to various media outlets and publications.
Van de Poppe believes that we are in a giant bull cycle that will last for the next 1-2 years and that Bitcoin could reach $100,000 or even $200,000 in this period. He bases his prediction on the positive and bullish developments in the crypto market, such as the inflows from the spot Bitcoin ETFs, the innovation and growth in the crypto industry, and the increasing demand and adoption of crypto.
He also suggests that the bull cycle could last longer than expected, depending on the liquidity and market conditions.
In a post, he wrote:
“The inflows from the Spot #Bitcoin ETFs are super positive and bullish for the markets. It doesn’t necessarily mean we’ll have to go to $100K in one go, or the inflow remains as heavy as it is. It means we’re in a giant bull cycle in the coming 1-2 years, that’s for sure.”
He also wrote in another post on X:
“In the most likely scenario, in Q3/Q4 2025, we’ll peak, but if the liquidity remains valid, it might be reasonable to suggest that this bull cycle will last longer until 2026 or 2027.”
#Bitcoin to $200,000 or $500,000 in this bull cycle?
It's the institutional cycle.
This means that an influx of money, which the markets haven't seen before, is coming to the markets. The recent inflow in the ETF has shown interest.
What does that mean? Where's the top?
… pic.twitter.com/hxTZMQvetl
— Michaël van de Poppe (@CryptoMichNL) February 10, 2024
Conclusion – Is The Greatest Crypto Bull Run Round The Nook?
Yes. Based on historical patterns, the current market situation, and expert analysis of the future, the upcoming crypto bull run in 2024 is shaping up to be the “Greatest One Ever”.
Projections suggest Bitcoin may surge to $500,000 or even $1 million within the next five years, and other altcoins will follow. And that Bitcoin will reach $500,000 or even $1 million in the next five years.
With GameFi emerging as a key player in this surge, there exists significant potential for capitalising on the trend, particularly by early investment in high-potential coins like Pikamoon ($PIKA), promising the prospect of remarkable 100x returns in the coming months.
Our optimism extends to the continuous growth and innovation within the crypto industry, promising an ongoing influx of opportunities and value for all participants.
Frequently Asked Questions – FAQs
How long will this next crypto bull run in 2024 last?
According to some experts, this crypto rally could last for the next 1-2 years, or even longer, depending on the liquidity and market conditions.
How high can crypto prices go in 2024?
Well, it depends. According to some experts, Bitcoin could reach $500,000 or even break $1 million in the next five years, while other altcoins like Pikamoon (PIKA)could also see significant growth and appreciation.
Will the 2024 crypto bull run be the “Greatest” rally in crypto history?
Yes, according to some experts, this could be the greatest rally in crypto history, as it is driven by various factors such as greater innovation in sectors like GameFi, greater worldwide adoption, bitcoin halving, and external events.
What is the future of Bitcoin and other cryptocurrencies?
At the moment, the market sentiment around Bitcoin and altcoins is very positive. Bitcoin can become a global reserve currency and a store of value, while other cryptocurrencies can become more specialised and diversified for different use cases and niches.
The crypto industry is becoming more integrated and interoperable with the traditional system and the internet, and the crypto space is becoming more innovative and inclusive for everyone.
