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Cryptocurrencies have gained significant value over the last few weeks and itâs causing exuberance among digital currency proponents. Now a number of traders and influencers believe bitcoin and other coins are in bullish territory. Despite the surge to $13K last July and the deep pullback that followed, BTC investors and influencers have no issue believing that crypto is on the threshold of another bull market.
Also read: XRP Still Third Largest Crypto by Market Cap After Founder Dumps 1 Billion Coins
âCalling the Bullâ Is a Bold Move, But a Number of People Are Doing So After BTC Surpasses $10K
Bitcoin traders, analysts, and thought leaders on social media and forums seem to think that the crypto market is facing another bull run. Statements about a âbull marketâ and a possible âaltcoin seasonâ are littered all over Twitter and news articles about the cryptoconomyâs swift rise. You can find a number of crypto influencers explaining that the bitcoin bull market is overdue for a variety of reasons.
A number of bitcoin and crypto influencers are calling the âbull marketâ and âaltcoin seasonâ as well.
Some people claim the reward halving is pushing BTCâs price up, they say miner capitulation is over, the BTC hashrate has touched an ATH, and most of the non-ideological investors capitulated. Moreover, lots of crypto investors are stressing that âthis time is differentâ even though they know calling a bear or bull market requires judgment and is considered a bold call. But this hasnât stopped a number of cryptoâs influential figures from doing so.
âEarly signs of a bull market,â explained @American_hodl on Wednesday. âI am finding myself explaining bitcoin to skeptics and new entrants again. This did not happen during the bear. During the bear, it was just us here.â
Last bull market, this is how fast #Bitcoin moved:
$8k â $10k: 11 days$10k â $12k: 7 days$12k â $14k: 1 day$14k â $16k: 1 day$16k â $18k: 8 days
Now consider the fundamentals today vs 2017. The next bull run will be insane.
â Bloqport.com (@bloqport) February 10, 2020
However, other people disagree with American_hodl and the others who assume the market has turned bullish. Some individuals have certain price points that need to be obtained until they call the bull. âWe arenât in a bull market until we close above $10.7k,â emphasized @llamamarket. âSo Iâm patient but it looks more likely I was wrong about $5k at least at this very moment. Iâll keep everyone posted if/when I buy.â The specific price point at which a bull market occurs has been a trend lately and the crypto influencer Luke Martin touched upon the subject on February 6, tweeting:
Fun observation about BTC in a bull-market is the post each day stating: âBitcoin isnât bullish until we cross $10kâ which quickly turns into âNot bullish until we cross $11.6kâ which quickly turns into âNot bullish until we cross $14k,â which turns into âNot bullish untilâŠâ
Bullish Pomp Tweets âAltcoin Seasonâ Phases, and Never Shorting the Bull
Anthony âPompâ Pompliano, the well known cofounder of Morgan Creek Digital Assets has been talking about the bull run lately too. On Twitter, Pomp felt the need to give an âimportant message as we enter the next bitcoin bull market.â Pomp explained: âBTC is very volatile, you can lose all of your money, only invest what is ok to lose, Twitter is not investment advice, donât buy BTC with credit cards, keep low time preference, [and] do your own research.â When BTC crossed the $10K zone, Pomp let his 309,000 Twitter followers know that he still thinks âbitcoin will hit $100,000 by end of December 2021.â In between all the social media and forum discussions about the bull market, a number of individuals say that âaltcoin season or altseasonâ typically happens before the BTC bull market or comes in phases.
People underestimate how quickly Bitcoin will go from $20k to $50k and then $100k.
Most of the new people have never seen a full bull market. They have no idea how much Bitcoin will pump once it really gets going!
â Bitcoin Macro (@BTC_Macro) February 1, 2020
Managing partner at Blocktown Capital, Joseph Todaro, discussed the altseason topic and the next bull market on Wednesday. âThis is the first altseason of the next bull market,â Todaro tweeted. âYou only get 3 real altseasons: The early alt pump when bitcoin is still less than ATH (weak), the mid alt pump after bitcoin passes ATH ~$20k (strong), [and] the late alt pump as bitcoin marks cycle top (strong). Bitcoin just hit $10,000.â Todaro also quipped and said:
You know we are in a bull market when Peter Schiff refuses to tweet about bitcoin.
Despite knowing about the prior BTC price dump after Julyâs $13K high, bitcoiners everywhere are still calling the bull after the $10K position was reached. âBitcoin is currently in an intense bull market and investors are getting excited,â another individual tweeted on Wednesday.
âNever short bitcoin in a bull market,â explained the BTC thought leader Whale Panda on Tuesday. âNever short bitcoin, period,â the popular Twitter account @Arminvanbitcoin replied to Whale Pandaâs statement. Crypto Twitter influencer Paul McNeal from thecryptocurator.com tweeted to his 20,000 followers about the bull market situation as well: âMarket Cap goes up â Bitcoin dominance goes down â Welcome to the bull market of 2020.â
What do you think about the investors and influencers calling the bull market or calling an altcoin season? Do you think that crypto markets and BTC prices are in a bull market right now? Let us know what you think about this subject in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Price articles and market updates are intended for informational purposes only and should not be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the âmoney.â
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