Why is Bitcoin Rising so Much? Bullmarket Around the Corner.

Hello friends, due to a serious problem I had to stay away from Steemit for more than a month and a half, although this problem had consequences in my personal and family life, but another day I will tell you about my tragedy. Now I'm back, I hope to be an active user in the community again.

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Now let's get to what interests you, in the midst of the madness that is unleashed in the crypto market after accumulating for two days the highest volatility in recent years with bitcoin, which after exploding last Tuesday morning and breaking its all-time high suffered a correction of more than $10,000 in a few hours.

But later on Wednesday it recovered again, touching $67,000 again, a movement that has left a real drain on liquidations and many doubts about the possible evolution of the price of bitcoin in the coming weeks prior to the halving.

Bitcoin has no ceiling after more than 845 days of the longest bear market in history after seeing bitcoin almost 80% down after all this last Tuesday we made history again with bitcoin breaking its all-time high and exceeding $69,000 by a moment for the first time since 2021.

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Without a doubt, a cycle that has been psychologically complicated, full of fud and fear that came from everywhere and in which many completely lost hope, however once again this market has ended up rewarding the patients and all those who have known how to ignore the fat. and took advantage of these last two years to accumulate at prices that we will probably never see again.

Taking advantage of the brutal increases in recent months to in some cases multiply the investment in bitcoin that has gone from 15,000 to 69,000 in just one year, although this process has not been easy at all and despite the fact that at some point you have surely felt like to throw in the towel, but you have known how to ignore all the noise and you have endured what was falling and you have trusted in the fundamentals that bitcoin can be and now it's just time to enjoy and start reaping everything sown.

In fact, many well-known analysts predicted that there was a possibility that bitcoin could surprise by moving forward in time and completely changing the timing and dates that it had met during the last three halvings in which if bitcoin had replicated the movement seen during the previous bullmarket the maximum historic would not have arrived until several months after the halving.

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Maybe because the rules of the game have changed and it can be defined with three letters ETF and the last few weeks have been crazy and the approval of the ETF has exceeded the expectations of what many expected, an event that did not start too well with the massive sales of GrayScale but that created more and more buying pressure as the days went by until causing a whopping more than 8,000 million dollars in bitcoin purchased by the funds that offer the ETFs.

Why so much buying?

This has a very clear reason and it is that we must understand that what is called the traditional sector comes into play in this rise, large institutions, banks, investment funds or individuals who allocate most of their capital to traditional assets such as stocks or bonds. sector that has had little interest in cryptocurrencies in the past and that although we have seen more isolated cases such as microstrategy or a bank that has offered cryptocurrency custody to its clients, they would generally prefer to distance themselves from these assets.

Generally caused by two reasons: ignorance, which is what filled them with doubts and little security in a sector that was not particularly loved by governments or the media, being an object of criticism and controversy and secondly by the lack of accessibility and the high regulation of the traditional sector greatly conditions the investment decisions of companies and when it comes to bitcoin and crypto in The United States are assets that were not yet sufficiently regulated for institutions to invest.

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However, the approval of the ETF now allows companies to begin having exposure to bitcoin in a regulated manner through one of the investment funds such as blackrock and if you put all this together, more and more people see bitcoin as an alternative. real with which to protect itself from inflation OR as a reserve of value thanks to its scarcity has caused the adoption and inflow of capital by the whales of the traditional sector to have accelerated exponentially since January.

Now all that remains is to observe how bitcoin continues its upward path and in a few days see how it reaches $70,000 towards $80,000 at the end of this month. At the moment bitcoin is hovering around $67,000 with the expectation of a correction to continue its path towards the rise, so thank you for coming this far and thank you for reading my article.

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Post written by @joeljaimes1982