Dragon Year Awakening — Bitcoin Proponents Eye Bull Market Surge Amidst Zodiac Predictions
As we usher in the Year of the Dragon this coming weekend on Feb. 10, 2024, per the Chinese zodiac, a significant swath of cryptocurrency enthusiasts are optimistic that bitcoin is on the cusp of a substantial bull market. This optimism is rooted in the Dragon year’s traditional association with prosperity, formidable strength, and dominion. Indeed, bitcoin experienced a substantial surge in its value following the previous Dragon year, 12 years prior in 2012.
Dragon Year Sparks Market Optimism for 2024
The Year of the Dragon, as per the Chinese zodiac, has frequently been linked to market trends, with the traditional equities markets witnessing positive outcomes in five of the past six Dragon years. Bitcoin (BTC) enthusiasts are also confident that the 2024 Year of the Dragon will usher in lucrative advancements for the bitcoin market, attributing their optimism to multiple factors. Conversations about this subject are gaining momentum on social media platforms as we stand on the cusp of entering the Dragon year.
Bitcoin price during the crypto asset’s first Year of the Dragon in 2012.
“Every time Chinese stocks bottomed, a multi-year bitcoin bull run soon followed. This time it’ll be no different,” the X account called ‘Cryptowzrd’ wrote this week. “China deflation pressure is accelerating,” another individual remarked on X. “This gives the PBOC in the Year of the Dragon a lot of room to stimulate the economy.” The individual added:
2024 will be the year of stimulus and the comeback for cryptocurrencies. No, not only bitcoin will rise in price.
So far, bitcoin has traversed through just one Year of the Dragon, a cycle that repeats every 12 years. During its first Dragon year in 2012, bitcoin saw a significant surge, climbing 152% against the U.S. dollar. Additionally, given that Bitcoin network halving events unfold every four years, each Dragon year aligns with a particular reward halving date. With roughly 71 days left (based on the average ten-minute block time) until the next BTC reward halving, historical patterns suggest bitcoin’s value tends to increase around these halvings.
On the threshold of the auspicious Chinese zodiac year, BTC’s price surged by 4.6%, crossing the $47K mark on Friday. This week, BTC has seen a 10% uptick, and in the last two weeks, the leading cryptocurrency has experienced a 14.6% increase. Currently, with a market valuation close to $929 billion, BTC is on the verge of reaching the $1 trillion milestone again, a feat last achieved in 2021. At this moment, BTC’s market cap positions it as the world’s tenth-largest asset, just below Meta’s (formerly Facebook) $1.2 trillion market cap.
What do you think about bitcoin’s recent performance on the eve of the Chinese zodiac’s Dragon year? Share your thoughts and opinions about this subject in the comments section below.