Bitcoin bull run: Will Bitcoin prices soar after dramatic drop?

Cryptocurrencies like Bitcoin are 'apolitical' says financial expert

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The crypto market struggled at the start of the week, but things seem to be looking up for Bitcoin. The cryptocurrency has struggled since the start of September when El Salvador adopted it as legal tender. Could recent price rises indicate a possible second bull run?

Bitcoin appears to have bounced back a little since the start of the week.

After a shaky start bitcoin is now trading above $43,000 USD.

The currency has risen by three percent since Wednesday.

Bitcoin is by far the largest virtual currency on the crypto market.

Typically the other major cryptocurrencies mirror the movements of bitcoin.

This week has been no different as both Ethereum and Ripple has seen similar price rises.

While Binance Coin has bucked trends to soar by more than 10 percent in price.

What is a “bull run” and could one be on the cards for bitcoin?

In the world of finance a “bull run” is when the majority of investors are buying and demand outweighs supply.

This means market confidence is at a high and prices soar.

Experts now say a second bull run could be on the cards for bitcoin, as early indications show its prices are starting to rise.

The first bull run bitcoin experienced was earlier this year where prices reached an all-time high price of $64,863 USD on April 14, 2021.

But later the market crashed after El Salvador adopted it as legal tender on September 7.

Now some crypto experts are tentatively suggesting bitcoin could see another bull run later this year.

Speaking to the Independent crypto expert Fred Schebesta said: “I am very bullish, I think we could even see a significantly higher bitcoin, it [a second bull run] could by Christmas.”

But he warned: “It will go one way or the other.

“I think it is possible but the market is kind of undecided of where it’s going to go at the moment.”

However, a second crypto expert was a little more cautious with his predictions.

Assistant Professor Simon Trimborn told the Independent: “When it comes to crypto my default setting is for any crypto always bearish because we don’t really know where it will go.

“It is a market that is always quite difficult to predict and even if it reaches certain highs it can fall very deep very quickly.”

However, he agreed with Mr Schebesta that prices of bitcoin have “the price has the potential to go even higher from here.”

He added this time the investors in bitcoin were different.

He said: “What we are seeing now is different kinds of players are acting in the market we are seeing extra companies investing excess cash into the crypto market.”

Professor Trimborn added: “Since we have different investors and different kinds of interested parties it could have the potential to go higher.

But on the likelihood of bitcoin’s second bull run, he said: “I abstain from giving any predictions.”

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