Bitcoin bull run could begin soon, say analysts

Two popular crypto analysts believe Bitcoin is revving its engine for the next bull run.

Tone Vays says a fundamental shift is underway. On the latest episode of Trading Bitcoin, Vays says revelations that demand for BTC is far outpacing the amount of new Bitcoin being created could become a significant catalyst for the leading cryptocurrency, The Daily Hodl reported.

The institutional crypto asset manager Grayscale is fueling the buying frenzy as high-net-worth investors purchase GBTC, which is fully backed by real BTC, at record rates.

That is a very, very bullish fundamental scenario. I wouldn’t call that a news event. It’s a borderline news event and a fundamental event,” he says. “Now that everyone knows it, the FOMO can help drive Bitcoin higher. But knowing that GBTC is buying up the majority of the Bitcoin is basically telling everyone there’s not enough supply of Bitcoin.”

Vays says the heightened demand for Bitcoin after the halving, which cut the rate of new supply entering the market by half, shows that forecasts such as the stock-to-flow model may prove to be accurate. The model, pioneered by the anonymous analyst PlanB, indicates BTC will hit $288,000 by the end of 2024.