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There has been a consistent upward trend for Bitcoin over the past four months, leading some experts to believe that a potential bullish phase for the cryptocurrency could be on the horizon.
According to a report from Fortune, past trends indicate that a four-month rise has resulted in an average surge of 260%, possibly leading Bitcoin to surpass its previous record high of $69,000 in November 2021 and potentially even reach $100,000.
However, the cryptocurrency had a difficult 2022, with its price falling to a low of about $15,700 in November amid a crypto bear market. Since then, Bitcoin has been steadily rising, although its price has been somewhat stagnant in recent weeks.
Some have pointed to Bitcoin’s upcoming “halving,” which will cut the rewards for mining a new block on the blockchain in half, as a sign that Bitcoin’s price will increase significantly next year, although this is not guaranteed.
Ordinals are NFTs on the Bitcoin blockchain that allow for the inscription of media, such as images and audio, onto a satoshi, the smallest unit on the Bitcoin blockchain.
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The Bitcoin community has embraced ordinals as a way to expand the blockchain’s use beyond purely financial applications.
Recently, Ordinals have provided a boost to the cryptocurrency. In fact, on Sunday, the blockchain experienced its highest number of transactions in history, partly due to Ordinals.
However, Bitcoin still faces challenges on its journey to match its 2021 high, including the expected interest rate increase by the Fed and warnings of an impending recession.