Bitcoin Bull Market is Far From Over – Analyst Predicts Long-Term Growth

A popular crypto expert believes Bitcoin (BTC) and other digital assets are still in the early stages of a long-term bull market.

Jamie Coutts, chief crypto analyst at Real Vision, predicts Bitcoin adoption will increase over decades, much like the NASDAQ’s growth trajectory.

2009 is to Millennials what 1982 was to Boomers.

The NASDAQ launched in the 1970s but wasn’t considered a serious investment venue until the mid-1980s or early ’90s. Since then, it has outperformed all other markets.#Bitcoin launched in 2009 and, for its first decade, was met… pic.twitter.com/dv8wWaXLTE

— Jamie Coutts CMT (@Jamie1Coutts) July 22, 2024

Coutts draws parallels between Bitcoin’s 2009 launch and the NASDAQ’s inception in the 1970s, explaining that 2009 is to Millennials what 1982 was to Boomers.

He explains that the NASDAQ, launched in the 1970s, wasn’t seen as a serious investment until the mid-1980s or early 1990s, and has since outperformed other markets. Bitcoin, since its 2009 launch, faced skepticism for its first decade. Now, as Bitcoin gains mainstream acceptance, the broader crypto asset class will also attract more adoption and investment.

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Coutts sees investing in Bitcoin as a low-risk hedge against currency debasement, while blockchain assets represent a bet on the long-term trend of technological adoption. He emphasizes that Bitcoin and crypto have distinct risk profiles, so it’s essential to diversify accordingly, but the secular bull market still has a long way to go.

Coutts also monitors Bitcoin’s hashrate closely, noting the nearing bullish crossover of the 30-day and 90-day moving averages, which often signals positive price movements.

#Bitcoin‘s post-halving hash rate contraction is on the verge of reversing. pic.twitter.com/X5PrnP5XmY

— Jamie Coutts CMT (@Jamie1Coutts) July 23, 2024

He highlights that Bitcoin’s hashrate contraction post-halving is about to reverse, indicating growing network security, which is a positive sign for prices.

Alexander Stefanov