Bitcoin (BTC) has now entered its fifth bull market, according to Matrixport, the leading digital assets financial services platform, with its price recently tapping $35,000 again.
Many experts believe this latest bull run could take the BTC price back to 2022’s high – and potentially beyond.
Meanwhile, exciting new projects like Bitcoin Minetrix (BTCMTX) are making waves in the market, leading investors to wonder whether this could also start a major altcoin rally.
Bitcoin Enters Fifth Bull Market, According to Matrixport Analysis
As outlined in a recent Matrixport report, Bitcoin is in the midst of its fifth bull cycle – a statement that will be welcome news to holders.
Each previous Bitcoin bull run was driven by distinct narratives, initially as an emerging payment mechanism, then by recognition in China as an alternative currency, followed by an ICO boom.
More recently, the decentralized finance (DeFi) and NFT crazes have also proved to be catalysts for BTC’s bullishness.
Matrixport believes this latest bull market is fueled primarily by growing institutional adoption, as Bitcoin’s characteristics resemble assets like gold and treasury bonds, making it attractive for diversification.
With unsustainable US debt levels, institutions are increasingly seeing Bitcoin’s potential.
Citing the prediction that Bitcoin began its official bull cycle in June, Matrixport estimated that BTC could reach $125,000 by December 2024.
Should this prediction prove accurate, it would represent a whopping 267% increase from today’s price.
BTC Achieves New Highs Against Inflationary Currencies
Bitcoin’s recent bullish price action comes as it reaches new all-time highs measured against currencies experiencing high inflation, like the Argentine peso and the Turkish lira.
Though Bitcoin is still down 50% against the US dollar, when valued in local currencies in countries undergoing economic turmoil, this illustrates the coin’s value as an inflation hedge.
For example, Bitcoin is offering a way for citizens of Argentina and Turkey to preserve their purchasing power.
Though the all-time highs are driven by currency declines in these countries, it’s further evidence of why countries with high inflation rates are turning to crypto as a store of value.
This reinforces the points raised by Matrixport that we are in a bull market driven by the recognition of Bitcoin’s potential as an inflation hedge.
As we head into the final months of 2023, investors will likely remain interested in how Bitcoin continues to perform and be adopted globally.
Trending Bitcoin Minetrix Presale Turns Heads as Cloud Mining Innovations Generate Hype
With Bitcoin now reportedly in its fifth bull market, innovative new projects like Bitcoin Minetrix (BTCMTX) look primed to benefit.
Bitcoin Minetrix aims to make crypto mining accessible to the masses through tokenization on the Ethereum blockchain.
By allowing BTCMTX holders to earn mining rewards via staking, Bitcoin Minetrix makes the process accessible to anyone – regardless of their experience or resources.
This approach captures the benefits of cloud mining while overcoming major issues like scams.
On top of that, BTCMTX holders can also stake their tokens to earn yields of 240% per year.
BTCMTX tokens are priced at just $0.0112 during the presale, with over $2.4 million in funding raised from early investors.
However, this discounted price is only available for one more day, after which it will increase by 10%.
Given that some experts predict that Bitcoin could reach as high as $1 million, the gains for BTCMTX could also be enormous if the development team achieves the goals in the project’s roadmap.
These goals include launching a dedicated Stake-to-Mine mobile app and fostering partnerships with major cloud mining firms.
With Bitcoin Minetrix now ranked first on CoinSniper’s list of upcoming ICOs, it’s clear that investor interest is high – raising expectations for the project’s success in the near term.
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