Has the Bitcoin bull run come to an end?

Iti9

Analysts suggest that the cryptocurrency correction has dampened investor sentiment but there are still plenty of reasons to remain bullish on digital assets.

K33 analyst argues that the elimination of leverage makes the market "much healthier".

LMAX Group strategist points out that Bitcoin halving could have a positive impact on prices as spot BTC ETF would attract a broader audience.

Macro analyst Noelle Acheson suggests that a weak stock market could put pressure on crypto assets, but the downturn in stocks will likely be short-lived.

The cryptocurrency market suffered a significant blow over the weekend, with investor sentiment plummeting from the feverish highs of a few weeks ago.

Bitcoin (BTC) fell below $62,000 on Tuesday, dropping over 15% from its recent all-time high of over $73,000, while popular altcoins such as Solana (SOL), Pepe Coin (PEPE), and Dogwifhat {{WIF}} saw declines of 40%-50% from recent highs.

Despite the overall market downturn, there are still many reasons to be bullish on digital assets even if prices continue to decline or consolidate for a period.

Impact of Bitcoin halving

Bitcoin is set to undergo its fourth halving later this week, an event that occurs roughly every four years where the new token supply (miner rewards) is halved. Historically, Bitcoin's price has not seen significant changes around halving events, but halvings often precede parabolic rises.

Joel Kruger, market strategist at LMAX Group, said, "As for the halving event, we've always believed that there wouldn't be too much additional upside," adding, "This is a known event that the market has already anticipated."

However, with traditional financial giants like BlackRock and Fidelity increasing their efforts to promote Bitcoin through US-listed spot ETFs, targeting financial advisors and wealth managers to attract a wider investor base, this halving could bring some bullishness to Bitcoin's price.

Kruger pointed out, "At the same time, we do see potential upside because considering this is the first batch of halving events to occur after Bitcoin spot ETFs were listed, this halving event will play out in front of a broader audience."

He added, "So, the halving event might make these investors more excited about Bitcoin because they are forced to do more in-depth research, which may then translate into a desire to increase their exposure."

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted last week that BlackRock is promoting its Bitcoin fund IBIT on Bloomberg's information homepage.

Yamini003

That still makes some sense.

Isha000

Let's take a look at the reasons, shall we?