Key Points
- Bitcoin, not memecoins, is expected to remain the primary driving force in the ongoing bull run.
- Bitcoin ETFs and halving events are significant influencers of this trend.
Bitcoin, rather than memecoins, is anticipated to be the leading catalyst in the current bull run, largely due to Bitcoin exchange-traded funds (ETFs) and the impact of halving events.
Expert Insights from Next Block Expo
During the first day of the Next Block Expo in Warsaw, leading industry insiders discussed the major trends of the current market cycle.
Bitcoin (BTC) continues to be a primary focus and sentiment driver midway through 2024, according to four expert panelists.
Adrian Zduńczyk, founder of The Birb Nest, a trading education platform, stated that historical data from previous halvings suggests a significant upside for BTC into 2025.
Historical Trends and Future Projections
Zduńczyk pointed out that Bitcoin bullruns in 2017 and 2021 resulted in 3,000% and 700% gains respectively in BTC value, emphasizing that Bitcoin remains a key market performance indicator.
Ben Yorke, ecosystem vice president at exchange platform WooX, emphasized the lack of regulatory ambiguity around Bitcoin, citing the approval of Bitcoin ETFs in the U.S. and Hong Kong as key examples.
Yorke also mentioned that criticisms of Bitcoin’s utility are being countered by the spread of the Lightning network and other functionalities that allow users to maintain full custody of their BTC.
Miko Matsumura, general partner of Gumi Crypto, agreed with these sentiments, suggesting that the development of infrastructure to enhance Bitcoin's usability for payments would attract more capital into the ecosystem.
Zduńczyk also noted that the timing of regulatory approvals of Bitcoin ETFs coincided with the seasonality of investment cycles, with summer months often driving market performance of the S&P 500 and the Nasdaq.
He further observed that historical trends around U.S. presidential elections driving up performance of traditional markets have previously spilled over into Bitcoin.
