The recent surge in Bitcoin prices has sparked speculation that it is perhaps the last bull market before it becomes a mainstream asset class. Taking to X on December 5, Eugene Ng, a developer, believes that the current Bitcoin rally is perhaps the last “degenerate bull market” before the coin becomes “only one other ticker symbol on the boomer’s brokerage.”
Is This Bitcoin’s Last Dance?
With this in mind, Ng is encouraging retail investors and crypto fans to either “go big or go home,” suggesting that what the market presents at spot rates is perhaps a possibility to generate wealth from the world’s most respected crypto asset.
Bitcoin has been on a tear at spot rates, rallying above $44,000 earlier today before cooling off barely. Nevertheless, reading from the Bitcoin candlestick arrangement throughout the every day chart, the uptrend stays, and buyers are optimistic, targeting November 2021 peaks at around $69,000.
While Bitcoin is volatile, taking a take a look at price swings from 2021 highs and the contraction of 2022, it hasn’t dissuaded investors from engaging. Moreover, Bitcoin has seen multiple bull runs since launching in 2009 as an emerging asset. In bull runs, like those in 2017 and 2021, prices surge, posting huge gains. As an example, the last bull run from 2020 saw BTC rise from around $10,000 to almost $70,000 in November 2021.
Though past cycles attracted billions of dollars into Bitcoin and crypto, Ng thinks the current leg-up is perhaps the last. Notably, Ng’s sentiment is echoed by Adam Cochran, who believes that Bitcoin is approaching a critical point where it should transition from a speculative asset to a mainstream investment option.
Taking to X on December 6, Cochran says crypto investors have about 35 days to contemplate themselves “early” in Bitcoin before it becomes a spot ETF asset on major US exchanges.
Eyes On The SEC, Bitcoin Halving In 2024
Since it is, the potential approval of the first Bitcoin ETFs and the upcoming Bitcoin halving in lower than five months are considered catalysts, fueling the current price surge. The Bitcoin halving event, which might decelerate BTC’s emission, is about on the protocol level and is sure to occur.
Nevertheless, the community could be taking a take a look at the Securities and Exchange Commission (SEC) to greenlight the first spot Bitcoin ETF. Once it happens, it should solidify Bitcoin’s position as a legitimate asset class, attracting more institutional investors and possibly driving prices higher.
Feature image from Canva, chart from TradingView