Bitcoin is reaching a tipping point currently, and from the look of things, the Bitcoin supercycle may be upon us.
There is a possibility that we might see Bitcoin going into a massive cycle that could even blow away the most bullish price predictions for Bitcoin in this cycle.
Cryptocurrency is gradually moving into the mainstream adoption phase. Crypto is now becoming a "mature asset class."
We are about to enter a mass expansion which is the mainstream adoption phase for cryptocurrencies. We are currently seeing many things going on; NFTs are about to introduce a mainstream audience to cryptocurrencies via art, gaming, and collectibles.
Bitcoin has now reached incredible brand recognition; the media even talks about Bitcoin most of the time. On the bright side, nowadays, what the media talks about concerning Bitcoin is not negative.
The amount of fiat on-ramps to buy Bitcoin has never been better. There is more money, which means that there is a broader market, and prices will go higher, especially now that we have three Bitcoin ETFs in Canada.
Users of decentralized finance platforms are soaring; the platforms themselves also see an erratic growth phase in terms of value locked.
The number of addresses and the number of wallets is also soaring; institutional money is beginning to flood into the market. This is changing the dynamics of how the market works, especially in terms of money quantity.
All this that is happening is all plaguing out to the rise of the internet in terms of adoption and also investment cycles. The only thing is that this is happening quicker than expected for Bitcoin in the entire cryptocurrency.
Looking at the NASDAQ composite index, you will notice that the 1990s were when many of these companies launched. Volatility was very high, prices expanded very quickly, and in the early 2000s, the bubble burst.
The market became overcome by crazy rampant greed. Many companies launched, many folded up, and a lot of people lost a lot of money. A massive crash cam and the NASDAQ went into a 15-year bear market.
Despite all this, there was a massive bullish double bottom pattern. Although many companies crashed, what came out of all of this was that the quality companies, i.e., Microsoft, Apple, Amazon, etc., survived, and they went on to thrive better than before.
If you compare this to the Bitcoin, looming at the Bitcoin chart, you will see a similar pattern in a significant markup period. A huge double bottom is gradually moving up to a massive expansionary phase.
