When Will Bull Season Come?


After the momentum of the Bitcoin price, many investors are wondering when the bull season will come.

In this article, we will examine when the bull season will come with you.

What Glassnode Reports Say

In a recent report, data analytics company Glassnode stated that the indicator used for miners has turned positive for the first time since mid-2021 in two years of z-score data. These data presented by Glassnode can also be interpreted as a signal that the bull market has started.

In the news that Coindesk recently made, Glassnode said that the increase in the revenues of Bitcoin miners from transaction fees and the 60% rise of BTC since the beginning of 2023 is the first milestone in the bull journey. According to the shared data, he stated that the indicator, which is used to determine the periods when miners receive high and low transaction fees, has turned positive for the first time since 2021. Examining the historical movements of Z-score data, Glassnode argued that the positive turn in the data has historically coincided with the onset of big bull runs.

James Check, principal analyst at Glassnode, also pointed out that the number of daily transactions on the Bitcoin network has also increased. Check said the average of 7-day transactions increased by 28% in 2023 to reach 333,000, the highest level in two years.

Benjamin Cowen Shares His Forecasts

In addition, popular crypto analyst Benjamin Cowen claimed that Bitcoin will make an unexpected big move this year. Cowen, who was a guest of the Altcoin Daily channel, stated that the price of Bitcoin will fall this year, which will cause panic selling. Stating that Bitcoin has never seen interest rates this high, Cowen said: “We know that the FED cannot continue to increase interest rates forever. So, I think once we get back to quantitative easing, lower interest rates that I think will come in 2024 at the latest, it will really turn into a bull season for BTC.” said.

Cowen added that the recent Bitcoin rally was largely due to altcoin market liquidity flowing into BTC. My best explanation for what’s going on with Bitcoin right now, I think there’s a lot of liquidity flowing from the altcoin market to Bitcoin. This influx of liquidity glorifies the BTC price, but what happens when altcoin liquidity dries up and can no longer support it? “I expect the bull season in 2024,” he said.

As we can understand from these statements, the bull season has not yet arrived. However, according to Glassnode data, it seems to be on the way. When we look at Benjamin Cowen’s comments, we see that he points to 2024 for the bull season.


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