Bitcoin’s price performances for the past ten years or so have been dominated by bear and bull cycles.
In general, the BTC halving is regarded as the catalyst for the start of the bull market, while the last two years ahead of each such event are dictated by the bears.
Current Cycle
However, this hasn’t been the case during the ongoing run, which started in the middle of 2023 and was fueled initially by hype surrounding the potential approval of spot Bitcoin ETFs in the States. Once those products became a reality in early 2024, the asset broke its 2021 all-time high and charted a new one of almost $74,000. This was the first time a new peak was registered ahead of a halving.
The reasoning behind this is that once those products saw the light of day, this meant that BTC is now a legitimate investment asset since the companies that launched them are some of the largest in the world, including BlackRock and Fidelity.
The inflows skyrocketed in the first few months, and even though th
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