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Home Cryptocurrency news Bitcoin

3 Key Fundamental Factors Suggest Long Lasting Bitcoin Upsurge is Inevitable

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin
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Bitcoin‘s halving is finally here, and the bullish block reduction has the entire cryptocurrency space clamoring and speculating on if it will take the asset to a new all-time high.

Three unique key fundamental factors have all reached an all-time high just ahead of the halving, suggesting that not only is a long-lasting Bitcoin upsurge inevitable, but a new all-time high price record is also likely.

Bitcoin Halving Could Incite Next Bull Market, As Crypto Hopefuls Expect

It’s been well over two full years now since Bitcoin price set a record in late December 2017 for reaching a peak of $20,000 per BTC.

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But ever since the crypto hype bubble popped, the asset’s prices tumbled and the market was left waiting for the halving for the cycle to restart once again.

Related Reading | Bitcoin April Monthly Close Was Crypto Asset’s Best Performance Since 2013

The halving is now just one week away, and as expected all signs are pointing to a sustained uptrend in the days, weeks, and months ahead for the cryptocurrency market.

According to three key fundamental factors, not only is a longer-lasting rally inevitable, but it could take the first-ever cryptocurrency to a new all-time high.

Three Fundamental Factors Point to New BTC All-Time High

Bitcoin is a unique asset unlike anything else. And while investors in the stock market have company revenue reports, executive teams, and company shares to take into consideration when performing fundamental analysis, Bitcoin has none of these.

Instead, analysts have looked toward metrics such as the number of BTC addresses active, the asset’s hash-rate or the amount of energy powering the network, and more to gauge fundamental value.

Related Reading | Bitcoin Dominance Climbs, Leaving Altcoins Vulnerable to New Leg Down

According to three key metrics reaching an all-time high, all signals point to a sustained bull trend happening soon.

Bitcoin hash-rate has now achieved another all-time high record, and BTC addresses with a balance of 1 BTC or more have also set a new record.

$BTC hash-rate hitting an ATH$BTC addresses with a balance of ≥ 1 BTC hitting an ATH $BTC 'halving' searches hitting an ATH

Only a matter of time before $BTC price hits an ATH#Bitcoin pic.twitter.com/JFZLb35N6N

— RookieX₿T (@RookieXBT) May 4, 2020

Coindicing with all of this, is a surge in Google Trends searches for Bitcoin halving, showing that people are scrambling to learn more about the bullish event.

With all of these key metrics reaching an all-time high peak, it is only a matter of time until Bitcoin price follows and sets a new all-time high record above $20,000.

Once this happens, the true bull run will begin, as investors who thought Bitcoin was nothing more than a bubble in late 2017, will be forced to FOMO back into the asset at much higher prices.

Bitcoin‘s halving occurs on May 12, 2020. On that day, the block reward will be reduced from 12.5 BTC to 6.25 BTC. Only 21 million BTC will ever exist.

Featured image from Pixabay.
Tags: bitcoinbtcbtcusdhalving
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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