What Will Be The Next Big Narrative To Ignite A Potential Bull Run?
For cryptocurrency enthusiasts, all eyes and speculation are on the next bull run. When will it happen? If it does happen, will it bring new all-time highs? Have we seen the last bull run? There are so many questions, and as of yet, not too much in terms of answers.
As we head toward the end of 2023, with the Bitcoin halving getting closer, there’s a lot stronger discussion about what will fuel the next bull run and what the narrative could be to bring in trillions in investment.
The Casino Narrative
Despite the markets creating uncertainty and other external economic factors not generating great confidence, there have been corners of the cryptocurrency market that have been able to buck this trend and generate impressive returns for investors. Cryptocurrency casinos are a unique corner of the market where a decentralized approach to casino gaming that puts blockchain first has proven to be a hit. Although many investors are investing in the tokens that underwrite many of these projects, the exponential growth in price highlights the potential of Bitcoin casinos, and business analysts predict that this will quickly become one of the largest subdivisions of the industry throughout the rest of this decade.
More people are warming to the idea, mainly because the practical use case of Bitcoin and other cryptocurrencies via casino gaming is proving to be a suitable bridge between those who don’t understand it and those who don’t believe Bitcoin and cryptocurrency have viable use cases.
Cryptocurrency casino games, be it roulette, poker, slot machines, or blackjack, don’t differ significantly from traditional casinos; the rules remain the same, and the currency you use changes. Bitcoin table games on online platforms have all the same rules as in a standard casino. Still, by depositing your Bitcoin directly to the casino site, you are bypassing any need for the site to hold your personal information on the site, which helps to shield you from any potential security breaches or misuse of the data due to a cyberattack on the casino provider.
Although a crypto casino has your wallet address, that information is publicly available, so it is both transparent and secure. It is the increased levels of security and convenience that could potentially drive a strong narrative that leads to greater adoption through retail investors.
ETF
An exchange-traded fund could be the key that unlocks colossal institutional investment into Bitcoin and other cryptocurrencies. The world’s biggest asset management company, BlackRock, has recently applied for a Bitcoin ETF. If they can get approval from the SEC in America, this could mean a decent portion of their $10 trillion investment arm will be siphoned off to invest in cryptocurrencies and rocket the price of the entire market.
If BlackRock gets the green light, this could lead to a flood of other asset management companies getting the green light on their pending approval, and it could see trillions flowing into the market. Of all the narratives, this could be the strongest one, which causes a serious bullish shift.
The Halving
The last Bitcoin halving in 2020 occurred just a few months before the previous bull run, which saw the price of some cryptocurrencies increase by over 4,000%, with Bitcoin hitting a new all-time high. Bitcoin halvings drive the scarcity of the world’s most prominent digital asset. By keeping the supply finite, the increase in demand will drive the price higher.
However, the halving on its own is unlikely to kickstart a bull run, but if you couple it with one of the other components we have discussed today, it could help bolster it and act as a catalyst that drives the price even higher.
Conclusion
The 2021 bull run had several internal and external factors that resulted in many of the initial predictions being blown out of the water, ranging from Elon Musk’s constant tweeting about Dogecoin, which sent the price of the altcoin up by over 5,000%, to El Salvador becoming the first country in the world to announce that Bitcoin would become legal tender. These were factors that nobody predicted, and they caused the price of digital assets to reach heights that nobody envisaged.
For another bull run to occur, we’d need to see a catalyst that injects trillions into the market. While it could very well be the ETF, greater economic conditions also need to be more favorable. If inflation comes down across the West, soothing cost of living concerns and giving retail investors the sort of disposable income we saw in 2021 combined with ETF approvals, the halving, and other external narratives, we could see potential fireworks in the cryptocurrency market. However, as with any bull run, there usually needs to be a concoction of positive components to go in the right direction.