Around 279 days from now, BTC investors will be welcoming the halving. I've been getting a lot of questions from friends on social media, asking whether Bitcoin will turn bullish again in the next 2 years (2023-2024). If we look at some indicators, we can assess that BTC investors have shown a slight positive difference between Spot & Derivative trading volumes in the past year. In the 2020 halving, the volume was higher in the derivative market compared to spot, while in November 2023, when the price hit $15k, the spot market had higher volume than derivatives. This indicates that investors are enthusiastic about buying and holding Bitcoin for the long term. When we see Bitcoin's price correction, it's a reasonable reaction due to selling by short-term holders and miners. However, long-term holders don't seem to be aggressively selling Bitcoin. So, is Bitcoin bullish? Yes, Bitcoin is likely to be bullish for the year 2023, maybe even until the end of 2024 or the first quarter of 2025.
Written by CRYPTOHELL
