Bull Run 2024 or Bull Not? Signs, Predictions and Opinions of the 2024 Bull Market
A guide to the most long-awaited event on the crypto market. Let’s figure out together when a bull market can be considered “bullish”, whether it has ended or is just beginning in 2024, and what experts and the community think about it.
At the end of 2023, we researched the “bull run 2024”, where we looked at the potential Bitcoin price forecast in 2024, and what experts think about the bull market. The predictions for the growth of the main cryptocurrency came true, but the bull market did not give it's clear “yes”.
Let’s figure out what’s happening in the market now, after the Bitcoin halving, which was supposed to trigger everyone, how cryptocurrencies are reacting, and what the community of crypto enthusiasts thinks about it.
What Is a Bull Market or Bull Run?
Cryptocurrency investments do not always bring the desired result and one hundred percent success in life. People who hear about a default bull run may run and buy/merge their assets without a proper understanding of the characteristics and signs of such a market. By understanding the concept of a bull market, investors and enthusiasts can gain key insights into when the market is ready to rise and whether it is worth doing anything.
A “bull run” in the context of trading and cryptocurrencies means a long period of significant price increases in the market. This term is used when the prices of assets such as stocks, cryptocurrencies, or commodities rise over a long period, often accompanied by high buying activity.
This period is usually associated with optimistic investor sentiment and increased demand for assets. This is when many traders and investors try to capitalize on rising prices by going long or increasing their position in the market.
Indicators of a Crypto Bull Run
Several key indicators can signal the start of a new crypto bull run:
- Rising Prices: The most obvious sign of a bull run is a sustained increase in the prices of major cryptocurrencies. This is often accompanied by a rise in trading volume and market capitalization.
- Increased Investor Sentiment: Positive sentiment among investors, as measured by metrics like the Fear and Greed Index, can indicate the start of a bull run. Investors become more bullish and willing to take on more risk.
- Adoption and Mainstream Integration: Increased adoption of cryptocurrencies by businesses, institutions, and governments, as well as the integration of digital assets into mainstream financial systems, can fuel a bull run.
- Positive Regulatory Environment: Favorable regulatory developments, such as the approval of crypto-related financial products or the legitimization of digital assets, can contribute to a bull market.
- Technological Advancements: Significant improvements in blockchain technology, the launch of new use cases, or the emergence of innovative applications can drive increased investor interest and a bull run.
It is worth remembering that a bull market is not a permanent condition, and it can give way to a bear market, where interest in assets and their value can easily collapse, so it is important to assess the market situation and make informed investment decisions.
Analyzing the Current Crypto Market
Based on the indicators mentioned above, let's assess the current state of the crypto market and the potential for a new bull rally in 2024:
- Prices: After a prolonged bear market in 2023, prices of major cryptocurrencies began to show signs of recovery in early 2024, with Bitcoin and Ethereum gaining traction. In particular, the events of early 2024 (from inflation data in March, the spread of Bitcoin ETFs, and the excitement before halving) provoked a new record price for the main cryptocurrency — $73,135.
- Investor Sentiment: The Fear and Greed Index has been steadily rising, indicating a shift towards more positive sentiment among investors. This index shows the overall investor sentiment in the cryptocurrency market. Nowadays the mark is at 71, although last week the number was 69.
- Adoption and mass integration: Several large companies and financial institutions have announced plans to integrate cryptocurrencies into their services, suggesting wider adoption. For example, Burger King and Starbucks introduced crypto payments for orders in 2024.
- Regulatory Environment: Regulators in key markets have taken steps to provide clarity and legitimacy to the crypto industry, paving the way for further growth. One such example was the approval of the Bitcoin ETF, which took place in January 2024.
- Technological advancements: Developments in decentralized finance (DeFi), non-fungible tokens (NFTs), and layer 2 scaling solutions have sparked renewed interest in the crypto ecosystem.
Is the Market Even Bullish Now?
Despite many positive events in the crypto world, in April 2024 the price of Bitcoin began to decline. Thus, four days before the official halving, the price of cryptocurrency No. 1 was trading at $63,000, never hinting at an imminent important period of its existence.
The Bitcoin halving was usually followed by an increase in the value of cryptocurrencies, which is associated with a decrease in the number of new coins entering the market. According to economic laws, when demand remains constant and supply decreases, the price must rise. But recent market trends have shown a different picture. Bitcoin's price previously topped $70,000 but dropped to around $57,000. Despite this, Bitcoin has shown steady growth over the past year, doubling its value every year. Since the beginning of 2024 alone, Bitcoin has increased by more than 50%!
The current price of Bitcoin fluctuates at $63,647, which is considered normal.
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In general, the current market can be called bullish, as there is growth not only in Bitcoin but also in altcoins launched in 2024. It is worth paying attention to meme coins, clicker game tokens, as well as various projects related to crypto-AI to understand that the market is clearly not bearish, and investors and enthusiasts are ready to jump into any project bandwagon that is convenient and interesting to them.
At the same time, there is a feeling that the bull market has taken a break. That is, there is no crypto-winter and the collapse of projects and the price of Bitcoin, but there still seems to be a small stop. These guesses are confirmed by experts in the crypto world. So, the main reasons why we do not see sharp growth and a 100% bull run are:
- Selling bitcoins by miners after halving
- Spot Bitcoin ETFs
- Reducing the cost of each bitcoin mined
- The halving itself, as such
Rikke Staer, CEO of Coinify, in kitco.com shared, that:
Price reaction is typically not immediate, historically speaking, major post-halving growth occurs 6-18 months and larger price movements become statistically less likely with increasing market size,” she said. “The dramatic percentage gains observed in prior halvings might be difficult to replicate simply due to the sheer size of the Bitcoin market
It's quite interesting what cryptocommunity thinks about it.
Crypto Community Opinions
Experts and analysts' opinions on the future of the cryptocurrency market can vary significantly. Some argue that the market is at the beginning of a bull market, while others believe we are already in its final phase. There are still others who are generally disappointed in the current crypto market, and say that it looks terrible and in general: it doesn’t all look like a “bull run”. Let's look at some resonant opinions from X.
User Riddler writes that the 2024 bull run is called an airdrop cycle bull market.
There is one very resonant and striking publication from the co-founder of CryptoCapitalAI that the “bull run” is just in its beginning phase and we should not be disappointed ahead of time. The co-founder asked to be patient and wait a little longer. Interestingly, the 2024 bull run will be for altcoins, again, according to the user.
Thomas Fahrer, co-founder of Apollo Sats, said that the bull run is here, and posted the already familiar “Bart Simpson Chart,” a price pattern that resembles the hairstyle of the famous cartoon character. It consists of three phases: a sharp jump in price, a period of consolidation, and a sharp rollback back to the original level.
Crypto trader and analyst Rekt Capital shared an analysis of Bitcoin halvings and the bullruns that followed them. And this is what he came up with:
Thus, we should expect growth and a record-high price in mid-September or mid-October 2025. According to the analyst, the longer Bitcoin consolidates after the halving, the better it will be to re-synchronize the current cycle with the traditional halving cycle.
Bottom Line
A bull run in cryptocurrencies can be a period of both opportunity and challenge. In 2024, the bull market has become the focus of attention among investors and traders, as the latter are still wondering when exactly they can begin to reap all the benefits of such a market and how long this bull market will last.
Despite the volatility and uncertainty that characterizes financial markets, the bullish trend continues to strengthen, with continued and sustained price increases across a wide range of assets. High levels of optimism and confidence in growth prospects were supported by dynamic market activity and increased trading volumes.
Is the market now bullish? Yes and no. One thing we understand for sure is that the correction and accumulation period will continue for some time, so some markers may seem quite bearish. However, experts and analysts continue to assure us that we have to wait, and the crypto market will still give reason for analysis and discussion next year.
It is important to remember that the bull market does not last forever, and correction risks are always present. Investors need to remain vigilant and conduct DYOR to be prepared for possible changes in the market. In such a dynamic environment, the key is to maintain common sense and flexibility in decision-making to adapt to any changes in the market successfully.
