Crypto Bull Run Begins? Bitcoin & Ethereum Surge Amid Conference Hype, ETF Launch

The crypto market is on the upswing, thanks to the buzz around the Bitcoin Conference 2024 and the excitement over Ethereum ETFs. This renewed interest has sparked a surge in investor enthusiasm for digital assets.

As a result, Bitcoin has experienced an 8% recovery from a recent dip, while Ethereum’s price is currently hovering around $3,275.

Why Crypto Market Up Today

At the Bitcoin Conference, MicroStrategy’s michael saylor michael saylor Michael Saylor is a Co-founder of Strategy formerly MicroStrategy. Before founding Microstrategy, he was a rocket scientist and studied aeronautics and astronautics at MIT on an Air Force scholarship. He dubs Bitcoin 'Digital Gold'. He made some early investment in Bitcoin as soon as he realized it was going to be the next big thing in shaping decentralized finance from traditional finance. His firm Strategy has made Bitcoin their primary treasure reserve. He is a vocal advocate and Top Bitcoin Speaker who participates in various Bitcoin and Crypto events. Michael Saylor is highly skilled in and has a rich knowledge of numerous fields, including analytics, data warehouses, SaaS, management, cloud computing, enterprise architecture, mobile devices, and many more.   Personal Details: Born: Feb 4, 1965Location: United StatesGraduation: He graduated from MIT in 1987 with a double major in aeronautics, science, technology, and society.    Michael Saylor – Career Timeline 1983–1987: Studied Aeronautics & Astronautics and Science, Technology & Society at Massachusetts Institute of Technology (MIT). 1989: Co-founded MicroStrategy (Strategy). 1998: MicroStrategy IPO – Took MicroStrategy public on the NASDAQ at $12 per share. 2000: Accounting Scandal & Crash – MicroStrategy's stock plunged 62% in a day due to an accounting misstatement, wiping out billions in valuation. 2004–2019: MicroStrategy Rebuilds – Worked towards cloud-based analytics and AI-driven business intelligence, regaining stability. 2020: Bitcoin Strategy & Investment – Led MicroStrategy’s $425M Bitcoin investment. He made it the first publicly traded company to adopt Bitcoin. 2021: Bitcoin Evangelism – Became one of Bitcoin’s most vocal advocates, encouraging corporations and institutions to adopt BTC and blockchain. 2022: Stepped Down as CEO – Transitioned to Executive Chairman to focus entirely on Bitcoin strategy.     [email protected] EntrepreneurCrypto and Blockchain ExpertAuthor shared his ambitious long-term forecast for Bitcoin. He predicted that while Bitcoin’s annual growth rate might slow from 55% to 20% by 2045, its value could still skyrocket to an impressive $13 million per coin. This optimistic outlook coincides with Bitcoin recently surpassing $68,000.

Saylor’s bullish stance is supported by microstrategy microstrategy - Business Intelligence significant Bitcoin holdings. Over the past four years, the company has accumulated 226,331 BTC, now valued at around $15 billion.

Hash Ribbons Signal Buy!

The hash ribbons indicator, which tracks Bitcoin’s hash rate moving averages, has just issued a buy signal. This indicator has only flashed a buy signal once in the past year and three times over the last two years, each time leading to a rise in price. The latest signal suggests Bitcoin might see more positive price movement soon.

Bitcoin Conference & The Crypto Impact

The recent surge in the crypto market is driven by the excitement surrounding the Bitcoin Conference 2024 and former President Donald Trump’s Speech. David Bailey, CEO of Bitcoin Magazine, speculates that Bitcoin could reach new highs during Trump’s speech at the event.

Some experts think Trump might use this platform to propose Bitcoin as a “strategic reserve” asset for the U.S. government.

BlackRock’s Focus on Bitcoin and Ethereum

In a related panel discussion titled “From Strategy to Innovation: BlackRock’s Bitcoin Journey,” Robert Mitchnick, head of digital assets at BlackRock, highlights that the firm’s clients show a strong preference for Bitcoin, followed by Ethereum, with limited interest in other digital assets. 

Mitchnick also noted that BlackRock does not plan to significantly expand its range of crypto ETFs beyond these two major assets.

Bitcoin’s Technical Outlook

Looking at Bitcoin’s daily chart, there has been a recent rise in demand near the 100-day moving average, leading to a significant rebound. However, Bitcoin is currently facing resistance between $67,000 and $68,300. If it breaks through this resistance, it could move towards its all-time high of $72,000 and possibly reach $100,000.

Meanwhile, the launch of spot Ethereum ETFs, which saw a net inflow of $106.6 million on their first day, has boosted interest in Ethereum. Ethereum’s price has been holding above the 100-day and 200-day moving averages, indicating a bullish trend. With the new ETH ETFs, upward momentum is expected to continue, and a breakout above $3,400 could drive its price to $3,700.

Also Read: Microstrategy’s Saylor Predicts Bitcoin Market Cap Explosion to $280 Trillion

Is this the beginning of a new crypto bull run? Let us know your take.