This is how Bitcoin (BTC) could resume its Bull Run and new chart ATH

It’s safe to say that the much-anticipated 2024 bitcoin bull run isn’t going as planned, even though the asset managed to break its 2021 all-time high early on.

However, it has lost some traction and speed on the way to the coveted $100,000 mark, but Perplexity listed some of the factors that could fuel another run in late 2024.

Market sentiment, regulatory developments

Bitcoin made history this year as it hit a new all-time high ahead of its scheduled halving. This happened in March on the back of massive demand for spot BTC ETFs in the US, which were given the green light in mid-January. This raised hopes that the rally in 2024 would be spectacular and could finally see the main cryptocurrency soar to the $100,000 target, especially after the halving is complete.

However, this has not been the case. The fourth such event took place, as planned, in April, but since then the landscape has been anything but overwhelming. Although BTC came within inches of breaking the March ATH of nearly $74,000 on a couple of occasions in May and early June, it failed to do so and the subsequent rejections pushed it hard south . In fact, it dropped below $50,000 in early August.

According to CharGPT’s popular rival Perplexity, BTC could overcome the current sluggish landscape only if certain factors improve. First to be listed were general market sentiment and investor confidence.

The AI ​​chatbot said current sentiment is “cautious, with a fear and greed index reading indicating a general sense of fear among investors.”

“A shift toward more bullish sentiment, characterized by increased trading volume and positive news cycles, could help restore confidence in bitcoin. A return to a more bullish outlook could encourage more buying activity, which typically does raise prices.” – he added.

On the regulatory front, Perplexity explained that the approval of spot ETFs was a good sign earlier this year, but global watchdogs have failed to double down. Perhaps this could change after the next US election, especially if the self-proclaimed “pro-crypto” candidate Donald Trump enters the White House.

Global economy and adoption

The AI ​​chatbot believes that BTC adoption levels are nowhere near the highs of a few years ago, which is another factor that needs to be improved.

“Continued growth in the adoption of bitcoin for transactions, as well as its integration into financial products and services, could provide a strong foundation for a bull run. As more businesses and individuals recognize the value of bitcoin, demand could increase, driving up prices.”

Finally, Perplexity described the world economic picture. He highlighted certain macroeconomic conditions, such as inflation and interest rates, that have historically affected the entire crypto market. Recall that BTC soared last week after Powell’s promise to cut interest rates in the United States.

Perplexity stated that “a favorable economic environment, where inflationary issues lead to growing interest in alternative assets such as bitcoin, could support a bullish trend.”

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