Bitcoin Soars to $50K! 🚀 Bull Run or Dip Ahead? 📉

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Welcome back to Bull Market Bytes, your weekly cryptocurrency insight where we brush off the snow from the cold bear season and put on our finest suit for the upcoming Bitcoin bull run! 💎

Exciting topics for this week!

📰🚀 Bitcoin at $50K, Why Now?

💼📌 Weekly Bulletin Bytes

📈🔍 Beam Price Forecasting

📚✏️ Weekly Lesson: Bitcoin Mining

🤓 Fun Fact of the Week 💡

Launched in 2010, Mt. Gox was a premium crypto exchange that handled 70% of all Bitcoin buy and sell transactions by early 2014. 👀

In February of 2014, Mt. Gox abruptly suspended all trading, closed its website, and filed for a bankruptcy protection. 😯

Although 200,000 Bitcoins have been found since, it was estimated that 750,000 Bitcoins were lost at one time!

Today, that is valued at $37.5 billion! 🤯

The Bitcoin “stolen” from Mt. Gox is now over three times more valuable than the top 10 bank heists in all of recorded history!

This is definitely worth the read! 👇

The World’s Largest Bitcoin Hack

Bitcoin at $50K, Why Now?

After a cold bear season, we are starting to see the light at the end of the tunnel! ☀️

I believe that it is now safe to say…

(knocks on wood) …

The bull run is upon us! 🐂

At the time of writing this, Bitcoin is up 20.37% in less than 2 months and the Bitcoin market cap has reached $1 trillion!

Let’s put that in perspective…the average yearly stock market return on investment is 8%-10%.

Bitcoin doubled that in 2 months! 💰

So, why after patiently waiting for over two years is Bitcoin just now pushing over $50,000 again? 🤔

Well, my fellow diamond hands, that is a great question… 💎

The Chart Knows the Way 📈 

Charting is a very important tool when forecasting potential moves. Click here to review our charting education lesson!

For the chart below, we drew the lines a month ago and have not moved them since.

Why is this important to mention? 🤔

Because charting can be used to predict long term, even if it is months away!

Let’s look at the yellow arrow above. 👆

The yellow arrow points to the bottom of the candlestick which is touching the “Resistance 1” line.

The green candlestick to the left pushed through the resistance and now the furthest right candlestick sits on it.

What exactly does this signify? 🤷‍♂️

A previous resistance line has now become support…and in return…

Bitcoin has established a higher support to potentially continue higher!

If Bitcoin continues to hold the “Support 1” line…

We may see an all-time high in September this year! 🤑

Halving is on the Horizon 🌅

The Bitcoin halving is upon us! 😎

Everyone is waiting in anticipation for…well, around the 16th of April…

Why don’t we have an exact date? 🤔

Because the Bitcoin reward halving is based on a specific block that is being reached in the blockchain.

For this year, the magic block is the 840,000th! ✨

Bitcoin’s Current Block/Halving Timer

Once the reward halving occurs, the reward for mining the next Bitcoin block will be reduced by 50%!

⚠️ Don’t worry! This week’s education lesson covers more into mining Bitcoin and the significance behind it.

Click here to learn all about it!

The reason why there is so much hype with this event is because historically Bitcoin’s price pumps shortly afterwards.

Also, the Bitcoin brought into circulation is also cut in half! 😮

With the Bitcoin brought into circulation cut in half plus the demand of Bitcoin increasing daily…

We have a recipe for a moonshot! 🚀

Which brings us to our next topic…

Demand Outweighs Supply 📦

Bitcoin is becoming more desired and valuable by the day, unlike my iPhone 8. 😂

BlackRock, which owns $9.5 trillion in assets, now owns 116,000 Bitcoin! BlackRock and Fidelity combined own 191,657 Bitcoin…

Today, that is valued at over $9.7 billion! 🤯

Below shows in one week how much Bitcoin was bought by Bitcoin ETFs and the amount that was produced by Bitcoin miners.

Bitcoin’s demand is skyrocketing! 🚀

🧠 Remember: Once the Bitcoin halving takes place, the amount of new Bitcoin produced will be cut in half…but demand will continue to increase! 😲

Weekly Bulletin Bytes

Bitcoin to $180,000 after the upcoming halving? EMA investment managers bet that Bitcoin is headed between $100K and $180K in the near future!

Bitwise Bitcoin ETF had $126.5B in volume, the 2nd largest since launch! Bitcoin ETFs continue to draw in more attention and attract higher volume levels. Will this influence future crypto ETFs to be released?

Franklin Templeton worth $15.2B joins the ETF race! Franklin Templeton joins the spot Ethereum ETF race. Does this improve the approval possibility?

Grayscale Litecoin Trust is up over 350% in one year! Could this signal for Litecoin to eventually be an ETF? Potentially the third crypto to be approved after Ethereum?

MicroStrategy’s huge Bitcoin bet pays off! MicroStrategy’s Bitcoin holdings have surpassed $10 billion with over $4 billion is pure profits!

Beam Price Forecast

As a newer cryptocurrency, Beam reached a new all-time high days ago.

They are listed on major exchanges and net around $45M in 24-hour volume. Also, there website is very innovative! Click here to check them out.

🧠 Remember! This is only a projection, this is not the exact numbers that we saw in our crystal ball, I mean in the conducted analysis. 😅

⚠️ This is NOT a call to action! The potential high price stated above is subject to change based on outside variables.

What is “Bitcoin Mining”? ⛏️

Bitcoin mining can sound very intimidating! Luckily it is not a required knowledge to be involved in crypto.

However, if you want to sound smart at your upcoming high school reunion, it is very much required. 😂

Time to grab your thinking caps! 🤠 Class is now in session! 📚

To begin, Bitcoin is powered by “blockchain technology”.

A block is a file containing 1 megabyte (MB) of Bitcoin transaction records. 🗄️

This block can store over 2,000 transactions on the Bitcoin network.

Bitcoin mining is running a program on a computer, or using a specialized hardware, to solve complex mathematical problems.

The reason for this is because the mining is verifying transactions on the blockchain and contributing to network strength. 💪

The reward for the Bitcoin miners? … Bitcoin! 💰

When Bitcoin mining began in 2009, the reward for each block “mined” was 50 Bitcoin which was about a dollar.

Today, that amount is valued at $2.5M! 🚀

As more people begin mining Bitcoin, it increases the strength of the network, but it does make it more competitive for the Bitcoin reward.

Also, Bitcoin mining does take a lot of electricity…I mean a lot! ⚡

In 2023, the annual global electricity consumption for Bitcoin mining was 121 terawatt hours, which is upwards of $36.3 billion! 😲

So, for the miners to pay for this electricity they need to sell the reward from it…the Bitcoin…

When the Bitcoin halving occurs, the reward will drop by 50%.

For miners to be able to continue mining, the price of Bitcoin would theoretically double so they maintain the same amount of money.

And thus, why the Bitcoin halving is so important!

Ready for your lesson review?

📚 Make sure to review the lesson above before answering!

Question: A Bitcoin block contains how many megabytes of Bitcoin transaction records?