Bitcoin Bull Run: Is September 2024 the End of the Cycle?

Bitcoin’s future is a topic of intense discussion among experts, with a key indicator suggesting that the current bull run may come to an end by September. Analysts are closely monitoring the “Supply in Profit” indicator, which measures how much of Bitcoin’s circulating supply is currently profitable. This indicator is known for signaling the conclusion of bullish trends and has become a focal point for investors.

The cryptocurrency has experienced notable price drops, including a 21% decrease in May and a further 16% decline more recently. Currently trading around $61,500, Bitcoin’s performance is being scrutinized alongside a significant drop in the greed index, hitting its lowest point since September 2023. These developments have raised doubts about the sustainability of the ongoing bull market.

Despite these setbacks, the 2024 Bitcoin bull run reached a remarkable milestone with an all-time high of $73,000 on March 14, 2024. Analysts attribute this rapid ascent to the increased adoption by institutional investors and the introduction of Bitcoin ETFs. Matthew Kaye from Intuition Systems views this growth as a sign of market maturity, supported by strong institutional backing and enhanced accessibility through ETFs.

Technical analysis by experts like Jelle provides a nuanced perspective amidst the price fluctuations. Bitcoin’s pattern of higher highs and higher lows indicates continued bullish momentum, suggesting a potential consolidation phase before another upward movement. Jelle forecasts that Bitcoin could reach $63,500 by the end of the week, mirroring the trend of “Red Monday, Green Week.”

While some indicators point towards a possible conclusion to the bull run by September, the intricate dynamics of the 2024 cycle and positive technical signals offer a broader outlook. The interplay between market metrics, institutional participation, and evolving investor sentiment will influence Bitcoin’s trajectory in the coming months.

In conclusion, the question remains: will Bitcoin face a roller coaster ride or smooth sailing ahead? The future trajectory of the cryptocurrency will depend on a multitude of factors, including market forces, institutional involvement, and investor sentiment.