The recent surge in Bitcoin prices has sparked speculation that it could be the last bull market before it becomes a mainstream asset class. Taking to X on December 5, Eugene Ng, a developer, believes that the current Bitcoin rally could be the last “degenerate bull market” before the coin becomes “just another ticker symbol on the boomer’s brokerage.”
Is This Bitcoin’s Last Dance?
With this in mind, Ng is encouraging retail investors and crypto fans to either “go big or go home,” suggesting that what the market presents at spot rates could be an opportunity to generate wealth from the world’s most valuable crypto asset.
Bitcoin has been on a tear at spot rates, rallying above $44,000 earlier today before cooling off slightly. However, reading from the Bitcoin candlestick arrangement in the daily chart, the uptrend remains, and buyers are optimistic, targeting November 2021 peaks at around $69,000.
While Bitcoin is volatile, looking at price swings from 2021 highs and the contraction of 2022, it hasn’t dissuaded investors from engaging. Moreover, Bitcoin has seen multiple bull runs since launching in 2009 as an emerging asset. In bull runs, like those in 2017 and 2021, prices surge, posting huge gains. To illustrate, the last bull run from 2020 saw BTC rise from around $10,000 to nearly $70,000 in November 2021.
Though past cycles attracted billions of dollars into Bitcoin and crypto, Ng thinks the current leg-up could be the last. Notably, Ng’s sentiment is echoed by Adam Cochran, who believes that Bitcoin is approaching a critical point where it will transition from a speculative asset to a mainstream investment option.
Taking to X on December 6, Cochran says crypto investors have about 35 days to consider themselves “early” in Bitcoin before it becomes a spot ETF asset on major US exchanges.
Eyes On The SEC, Bitcoin Halving In 2024
As it is, the potential approval of the first Bitcoin ETFs and the upcoming Bitcoin halving in less than five months are considered catalysts, fueling the current price surge. The Bitcoin halving event, which will slow down BTC’s emission, is set at the protocol level and is sure to happen.
However, the community is also looking at the Securities and Exchange Commission (SEC) to greenlight the first spot Bitcoin ETF. Once it happens, it will solidify Bitcoin’s position as a legitimate asset class, attracting more institutional investors and possibly driving prices higher.
Feature image from Canva, chart from TradingView
