In the digital currency market, Bitcoin has always been the focus of much attention. Investors are always paying attention to the rise and fall of Bitcoin, trying to figure out the market trend and explore the traces of the bull market. Recently, the price of Bitcoin has soared again, with an increase of more than $10,000, which has aroused heated discussions in the market. So, how far is the bull market? Let's explore this hot topic together.

The price fluctuation of Bitcoin has always been one of the focuses of the market. From historical data, the price of Bitcoin has been fluctuating violently, with ups and downs. However, the recent rapid rise in the price of Bitcoin has made people look forward to the arrival of the bull market. According to statistics, the price of Bitcoin has exceeded the increase of $10,000, which makes investors brighten their eyes and start discussions and predictions.

In the past few years, the price of Bitcoin has been fluctuating. From hundreds of dollars to thousands of dollars, the price of Bitcoin has climbed all the way, attracting the attention of a large number of investors. However, as the price of Bitcoin rises again, the market begins to speculate whether a new round of bull market is about to come. This increase of more than $10,000 has made people begin to re-examine the potential and prospects of Bitcoin.

The arrival of the bull market is not achieved overnight, and it requires the continued heat of the market and the confidence of investors. As an emerging digital currency, the price fluctuation of Bitcoin is affected by many factors. Policies and regulations, market demand, investor sentiment, etc. will have an impact on the price of Bitcoin. Therefore, to judge when the bull market will come, it is necessary to comprehensively consider various factors and make objective and rational judgments.

In addition to the rise and fall of Bitcoin prices, there are some other factors that need to be considered. For example, Bitcoin's market share, trading volume, technological development, etc. will have an impact on price trends. In addition, external factors such as the global economic situation and geopolitical situation will also have a certain impact on Bitcoin prices. Therefore, to fully understand the Bitcoin market, you need to understand various factors in order to better grasp the market trend.

In the digital currency market, Bitcoin has always been a highly sought-after object. Its large price fluctuations and high risks have attracted the attention of a large number of investors. With the rise of Bitcoin prices again, the market began to discuss the arrival of the bull market. However, to judge when the bull market will come, it is necessary to carefully analyze the market situation and make accurate judgments. I hope that while chasing profits, investors can also remain rational, avoid blindly following the trend, and make wise investment decisions.

In general, Bitcoin's price fluctuations have always been the focus of the market, and the arrival of the bull market is the moment that investors dream of. As the price of Bitcoin rises again, the market begins to explore the possibility of a bull market. However, to determine when the bull market will arrive, it is necessary to carefully analyze the market situation and make accurate judgments. I hope that investors can remain rational, avoid blindly following the trend, and make wise investment decisions. I believe that in the near future, the arrival of the bull market will surely make investors win!

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The last time Bitcoin broke through 10,000 was in June, and it fell just after it touched the tail of 10,000. This time, Bitcoin broke through 10,000 US dollars and 11,000 US dollars in two days. The market sentiment finally changed from hesitation to bold cheering, and by the way, it was ranked tenth on Weibo.

Unlike the previous times, the market atmosphere this time was particularly lively. In the past, the DeFi sector soared collectively, and a small group of people on the train provoked the market FOMO sentiment; later, ETH soared to 332 US dollars, setting a new high in nearly a year. Those who play the sector, the mainstream cottage, and the big cake all gained, and the market finally achieved rain and dew.

Despite the excitement, several commonplace questions follow: How is this Bitcoin breaking 10,000 different from the previous ones? How long can this wave last? Is it the dawn before dawn or the afterglow after sunset?

I. Is this breaking 10,000 different from the previous ones?

1. On-chain data

In the previous article, we mentioned that the number of coin-day destruction is an indicator to see the real activity of the Bitcoin network and judge the market selling pressure. The increase in the value is either due to the increase in the number of Bitcoin transactions or the re-activation of those dormant wallets.

As can be seen from the figure below, the coin-day destruction values were very high when the first two times it broke 10,000, and the Bitcoin price fell directly after that, giving people the feeling of cheating.

This time, the coin-day destruction value has not increased. Obviously, compared with the previous wave:

1. The car is lighter, and fewer and fewer players are eager to get out of the trap;

2. Everyone has strong expectations for the future of the currency market.

(Orange line: coin-day destruction, black: Bitcoin price)

2. Market environment

The biggest difference is the market environment. The confidence destroyed by the 312 Incident in the cryptocurrency circle is now being rebuilt bit by bit.

DeFi has completed the journey of the past year in just two months, with a market value that has quadrupled to $4 billion. The average increase of the overall sector is more than 230%, and the average increase of DEX is 5 times that of CEX. Monster coins like YFI have increased by more than 1,000 times.

Ethereum, as the largest chassis of DeFi, has finally broken through many resistance levels and stood at $300 under the explosive growth of DeFi, returning to its high point a year ago. Other mainstream altcoins have also bottomed out with a 20% increase in the past month. Players who have not understood DeFi and cannot get on the train have also found a balance in this wave of market conditions.

Secondly, the external market environment, the global water release is still going on, and international relations are becoming increasingly tense. Investors are in urgent need of a safe haven. The recent rise in gold and silver prices is a good proof of this. Now there is no sign of the end of the rise in gold. As a non-mainstream safe-haven asset, Bitcoin will be more or less affected. After all, a little bit of meat falling from an $8 trillion plate is enough for Bitcoin to eat for a long time.

2. Is the bull market in the air?

Every time Bitcoin breaks through 10,000, the traditional media always blows the trumpet louder and more exaggerated than the cryptocurrency circle. In its recent mid-year report, Bloomberg directly called for more, saying that the price of Bitcoin will soon rise to more than $12,000.

Everyone hopes that Bitcoin will rise, and the media is right to call for more. However, has the long-awaited bull market in the cryptocurrency circle really come?

On this issue, the opinions in the circle are polarized.

The "bull market has not come" faction believes that it is too early to call for a bull market now. At present, it is a stock market, and the market is only a short-term pull. The super bull market that rose from more than 3,000 US dollars to 20,000 US dollars in 3 months, like in 2017, is still far away.

The "bull market is coming" faction is more direct, believing that if Bitcoin rose from 3,500 US dollars to 11,000 US dollars, everyone would have shouted their throats out if it were in the A-share market. The founder of BitMex, a super casino in the cryptocurrency circle, was even more direct, shouting on Twitter: This is a bull market!

The reason for such a big disagreement is nothing more than that everyone has a different definition of the concept of "bull market in the cryptocurrency circle".

Some people take breaking through the previous high of 20,000 US dollars as the standard, some people think that it will rise by 3 times or 5 times, some people have to wait for a large number of outsiders to enter the market, and some people say that it is bullish only if everything rises.

The evaluation standards are all kinds of strange, so it is useless for everyone to argue about this issue now, and in the end they will only return to the prediction game of "will it rise or fall in the future" that everyone can participate in.

In fact, it doesn't matter whether it is bullish or not, it will come naturally when the time comes, and cultivating internal skills to make money and earn coins is the kingly way. The bear market is cruel, but it also squeezes out bubbles and gives everyone enough opportunities to get on board; the bull market is thriving, and gambling attributes are injected into the market. For ordinary people, the probability of losing money in the bull market is even greater.

What we are pursuing is not the ability to "predict with flying colors", but the ability to have a "decision-making system" and maintain it, to be decisive when it is time to advance and to not hesitate when it is time to retreat, so that you can avoid being carried away by FOMO and losing everything, and also allow you to "happen to be there when the lightning strikes."