Has the Bitcoin Bull Market Officially Begun? Interesting Details

Analysts from Matrixport suggest that the fifth Bitcoin bull run began on June 22, and expectations of institutional adoption are the primary factor.
Bitcoin was trading at $34,000 at the time of writing, an increase of 20% last week. Since the beginning of the year, the leading digital asset has increased by 120% and has the highest Sunday dominance it has had for several years.

Indeed, according to Matrixport analysts, the signs point to the official start of the fifth bull run for Bitcoin, suggesting that it starts on June 22, 2023.

In recent market comments, analysts have shared a price target of $ 125,000 for Bitcoin by December 2024, based on their comments on the signal triggered by Bitcoin reaching a new one-year high for the first time in a year.

Unlike previous bull market cycles, which were driven by different narratives such as Chinese adoption and Initial Coin Offerings (ICOs), analysts believe this was driven by expectations of institutional adoption.

"Bitcoin's characteristics, traditionally associated with assets such as Gold and other safe haven investments such as Treasury bonds, have led institutions to consider Bitcoin to diversify their asset allocations," the analysts said.

“It is not a coincidence that Bitcoin is rising at a time when the ratio of the United States' debt to GDP has reached unsustainable levels.”
Matrixport is not the only firm that thinks Bitcoin's breaking through a new one-year high is proof of sufficient Sunday strength. In its latest report analyzing weekly on-chain activity, Glassnode found that Bitcoin has risen above several important price levels this week.

“A significant part of the supply and investors now find themselves above the average break-even price of around 28 thousand dollars. This is the basis for the resumption of the 2023 upward trend," said analysts at Glassnode.
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