Is the Bull Run Losing Steam? | Airdrop Alert Pro

Bitcoin’s recent price action tells a story of resilience and is told with caution. After briefly crossing the highly anticipated $100,000 mark, it backed back, reflecting BTC’s efforts to keep pace. GlassNode, a well-known data provider, has become an important Revelationunlike previous bull runs, this cycle has nothing to do with wild tides and collapses. Instead, it shows a more controlled pace, with long-term holders staying strong. This is a deeper insight into this ever-changing trend and what makes it different!

Why does this kind of bull run differently

In the past cycle, Bitcoin’s price has soared after reaching new all-time highs driven by explosive demand and extreme volatility. But this time, the achieved Rhodl ratio shows a change – new demand bursts rather than in the waves, with the wealth of older coins significantly lowered. This shows that despite its interest, it is not as positive as it used to be.

Volatility is also the back seat. Although the price fluctuations in previous bull markets reached more than 80% to 100%, the cycle was relatively calm, with the continuous decline of volatility by 50%. It seems that Bitcoin is maturing, more like a traditional asset than a structured price movement than a dramatic impulse.

If we see the trend in 2024, Bitcoin hits its first ATH in March and a month after the ETF approval. With Utah becoming the first U.S. state to pass a bill that allows public funds to invest in cryptocurrencies, it has set a bullish stage and other states will soon follow suit. Beyond that, while the downturn in investment shows how safe it is to invest in Bitcoin instead of traditional assets, investors like Robert Kiyosaki bought Bitcoin. This shows that if Bitcoin manages to stay strong in a changing global scenario, then good times are approaching

The key price level to watch

Currently, Bitcoin hovers around key support levels. If it manages to stay above $95,869, it can bounce and retest the $100,000 milestone. Breaking this psychological barrier may trigger a new wave of buying, thereby raising prices. However, if Bitcoin is below $95,869, it could drop to around $93,625. This can lead to panic sales as investors are eager to reduce losses, resulting in price drops.

In short, this cycle of Bitcoin’s journey has nothing to do with the explosive growth overnight. It’s a slow, steady climb with opportunities and risks along the way. While many fear a further decline, many analysts see it as a bigger change to buy bitcoin below $100k. Analysts like Planb stressed that Bitcoin’s earnings usually occur during the red period, involving 6-18 months of halving. Currently, during the Red Period, he recommends that there will be 9 singles in the next few months (February to OCT).