What is a Bull Run?
A bull market or bull run is a lengthy period when stock prices steadily increase. Understanding the bull run is not just beneficial but is essential for successful trading with better investor returns. A crypto bull run occurs when the value of cryptocurrencies undergoes steady, sustained growth and increases in price. With the growing crypto market, bull runs are becoming more prominent and exciting for investors.
This blog will discuss the Bitcoin bull run and key highlights from the past bull market. We will also learn the driving forces, several challenges, their importance, and their impact on the crypto market.
Bitcoin Halving
One of the most important factors driving the Bitcoin bull runs is the halving of Bitcoin. This occurs roughly every four years when the reward for mining new blocks is lowered to half. It reduces the supply of new Bitcoins in the market, leading to scarcity and increasing demand, which leads to its significant price surge.
Historically, halving events have functioned like economic catalysts. However, it’s important to remember that these events do not accurately define future results. The crypto market is highly unpredictable and continuously influenced by various factors. Bitcoin’s fourth halving was completed on April 20, 2024, at a block number of 840,000 and reduced block rewards to 3.125 BTC. Let’s take a quick look at the history of Bitcoin halving.
| EVENT | DATE | BLOCK NUMBER | BLOCK REWARDS | Bitcoin PRICE |
| Bitcoin Launch | January 2009 | 0 (Genesis block) | 50 BTC | NA |
| 1st Halving | November 2012 | 210,000 | 25 BTC | $15 |
| 2nd Halving | July 2016 | 420,000 | 12.5 BTC | $651 |
| 3rd Halving | May 2020 | 630,000 | 6.25 BTC | $8,800 |
| 4th Halving | April 20, 2024 | 840,000 | 3.125 BTC | ~$64,000 |
| Next Halving | In 2028 | 1,050,000 | 1.5625 BTC | Pending |
Bitcoin Bull Runs In The Past and Their Impacts
Since 2009, Bitcoin has experienced several bull runs. These periods of price surge profoundly impact the crypto market and economy.
2013: The First Bull Run
The first major Bitcoin bull run occurred in 2013, with the price surging from $13 to over $1,200. Initially, the price loomed around $145 for most of the year until October. According to the Altcoin Investor’s article, the peak of this bull run was recorded at the end of November and the first week of December, at a booming price of $1,200. However, since the market was relatively small and volatile, the price continued to decrease and hover at around $200 in 2015.
In 2016, we saw a steady price increase from around $430 at the beginning of the year to an all-time annual high rate of $1000 by the year-end.
2017: Second Bull Run
In 2017, Bitcoin’s price skyrocketed from around $1,000 in January to nearly $20,000 in December. The surge was also due to increased adoption, media coverage, and hype. The market also paved the way for new cryptocurrencies.
The pattern always showed that Bitcoin’s price surge was notably seen at the end of the year, except in 2019. Bitcoin’s highest price occurred mid-year on June 24th, 2019, reaching $13,000 for the first time in six years. It started at $3,600 and ended at around $7,000 in the same year.
In January 2020, Bitcoin traded at around $8,000 and dipped to $5,500 in March. The price again started rising in October and continued till December.
2020-21: Third Bull Run
Following the breakout in December 2020, the rates peaked at around $39,000 in January. Bitcoin’s price reached over $60,000 twice this year! It touched around $64,000 in mid-April and around $68,700 in mid-November, and fell to around $35,000 by the end of the year. This run was driven by increased institutional adoptions, Bitcoin ETFs, the rise of decentralized finance (DeFi) and apps (dApps), and NFTs.
In January 2022, Bitcoin was trading at approximately $47,000, which dropped to around $35,200. It again increased to around the same high by March end and plunged to just under $20,000. However, in 2023, we observed slow and steady price growth throughout the year, from around $17,000 to $42,000.
Things To Learn From Previous Bull Runs
Here are some key lessons we must remember about the Bitcoin bull runs based on the past cycles.
- Volatility: The crypto domain is highly volatile and undergoes substantial price fluctuations. Investors must take precautions before investing.
- Mainstream adoption: Each bull has caught market attention and legitimacy to Bitcoin and other cryptocurrencies.
- Regulatory impact: Laws and regulations can quickly impact the crypto market and prices.
- Innovative technologies: Emerging technologies and crypto innovations can drive market growth.
- Spread awareness: Knowing and understanding the crypto market is essential to avoid being misled by social media or hype.
- Macroeconomic factors: Inflation, interest rate changes by central banks, global economic uncertainties, and other factors can lead to massive price fluctuations.
- Crypto market: Bitcoin’s performance always influences the performance of other cryptocurrencies.
Driving Forces of the 2024 Bitcoin Bull Run
According to NEWSBTC, the Bitcoin bull run is fueled by several other factors besides the halving events.
- Evolving technology space
Blockchain, Web3, AI, and many other technologies have made Bitcoin more accessible to a broader audience.
- Global economy
Economic conditions, such as inflation, currency devaluation, and monetary policy changes, may influence the crypto market and the 2024 bull run.
- Public awareness and increased adoption
The growing acceptance of Bitcoin in the market has attracted more investors, leading to better adoption and awareness and increasing market demand.
- Regulatory laws
Improved regulations around cryptocurrencies have provided better opportunities for investors to maintain diversified crypto assets on multiple platforms.
The Future of Bitcoin
Techopedia’s report states that Bitcoin has seen steady but remarkable growth, reaching over $73,750 in mid-March 2024. The high trading volume, market capitalization, and increasing scarcity predict a bullish outlook this year. Several financial analysts also predict further price surges caused by the approval of Bitcoin Spot ETFs and the April 2024 halving event. According to CoinDCX, Bitcoin has already surpassed one billion transactions. While the market may experience some volatility, the future looks optimistic, hinting at an exciting year for Bitcoin. Looking back at the past bull runs, we see a consistent trend of Bitcoin prices peaking at the end of the year. It’ll be interesting to see whether the pattern continues in 2024.
The Bottomline on the Ongoing Bitcoin Bull Run
The current Bitcoin bull run is shaping up to be an exciting one! It’s crucial to stay informed and learn about the market trends, cryptocurrency, and tech advancements driving this hype. The bottom line is that Bitcoin’s fundamentals are stronger with increased adoption and awareness. Participating in this bull run could be highly rewarding, and Millionero is a great platform to get started with your crypto investments and trading.
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Disclaimer: Cryptocurrencies are an inherently volatile asset class, and investments can carry substantial risks. This information is for educational purposes only and should not be construed as financial advice. Always do your own research and conduct due diligence before investing in crypto projects.