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Bitcoin’s Path to a Supercycle: Will 2024 Mark the End of Dramatic Downturns?

The notion of a Bitcoin supercycle, initially introduced by Bitcoin educator Dan Held in 2020, is regaining momentum within the community as Bitcoin enters what some anticipate to be another prolonged bullish phase.

The potential driving force behind this supercycle encompasses a blend of factors, including Bitcoin’s programmed halving cycle occurring every four years, an escalating embrace by institutional entities, and the widening application of technologies such as the Lightning Network, alongside the emergence of Bitcoin-based non-fungible tokens (NFTs) known as Ordinals.

Enthusiasts posit that once these factors unfold entirely, Bitcoin, and perhaps the broader cryptocurrency landscape, may break free from the conventional boom-and-bust cycle observed in previous market fluctuations.

Despite these elements being somewhat in place, the preceding cycle failed to avert a sudden market downturn commencing at the close of 2021.

Landscape shifting to favor a supercycle

Nevertheless, there appears to be a shifting landscape, particularly in the United States, a pivotal player in global equity markets, as suggested by an article from crypto news outlet Cointelegraph on Thursday.

The potential green light for spot Bitcoin exchange-traded funds (ETFs) in the US, exemplified by BlackRock’s application in June 2023, might offer the crucial institutional backing required for a Bitcoin supercycle.

Simultaneously, recent credit rating downgrades for the US by prominent agencies such as Standard and Poor’s, Moody’s Investors Service, and Fitch Ratings raise concerns about the stability of the US dollar.

In the event of mounting worries about hyperinflation, Bitcoin could emerge as a safe haven, following trends observed in other nations grappling with economic uncertainties, as highlighted in the Cointelegraph report.

The ongoing pattern of dedollarization and a possible erosion of confidence in fiat currencies on a global scale might fuel heightened adoption, particularly in nations confronting economic difficulties.

The approaching Bitcoin halving event slated for April 2024, coupled with the prospect of institutional backing and evolving global economic dynamics, sets the stage for the potential realization of the Bitcoin supercycle.

With the crypto community anxiously anticipating unfolding events in the years to come, the discourse surrounding a potential Bitcoin supercycle remains a influential force in shaping the industry’s narrative. Stakeholders diligently track pivotal indicators and events that could propel Bitcoin into unprecedented territory.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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