Bitcoin Veteran Warns Crypto Bears: 'You Have No Idea How Crazy This Bull Run Is About To Be'

Author: Khyathi Dalal | April 24, 2024 11:09am

Cryptocurrency influencer and analyst Lark Davis recently shared his thoughts on the current state of the Bitcoin (CRYPTO: BTC) market, indicating the bull run is far from over.

What Happened: Davis took to his X account to announce that the bull run is far from over citing several key factors. His bullish outlook is cushioned by the following points:

• The Bitcoin Halving reduced the block reward from 6.25 BTC to 3.125 BTC, significantly decreasing the daily supply of new bitcoin issued. He noted that miners are only producing 450 bitcoin per day, highlighting the scarcity of the digital asset.
• He emphasized the growing institutional demand for Bitcoin, particularly through ETFs, stating that “U.S. ETFs are buying 1000s of Bitcoin every day.” This leads to a substantial influx of institutional capital into the market.
• Davis mentioned the upcoming launch of Hong Kong spot Bitcoin ETFs, set to start trading as early as next week, and the anticipated approval of ETFs in Japan, Singapore, and South Korea, which is expected to further fuel the bull run.

Price Action: At the time of writing, BTC was trading at $66,082.5, relatively flat over the past 24 hours. Its weekly gains of 6% have managed to hold 93% of Bitcoin holders in profit. IntoTheBlock data notes a 6.4% surge in large transaction volume to $47.1 billion.

Also Read: If Bitcoin Breaks Above $73K, This Is The Price Target: 10x Research

Why It Matters: Davis believes that retail investors are just beginning to enter the market, suggesting that the current price action is merely the tip of the iceberg.

“You have no idea how crazy this bull run is about to be,” he exclaimed, urging investors to be patient and hold onto their positions. While short-term volatility is expected in any market, Davis’s tweets suggest that the long-term outlook for Bitcoin remains overwhelmingly positive.

The combination of reduced supply, increasing institutional demand, and growing retail participation has led Davis to maintain a highly bullish stance on Bitcoin. With rapidly increasing mainstream adoption the potential for significant price appreciation becomes increasingly likely.

What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin’s Demand Set To Outpace Supply By Fivefold After Recent Halving: Bitfinex Analysis

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.

Posted In: $BTC