Bitcoin, rather than memecoins, is expected to remain the central force driving the current bull run, largely due to the influence of Bitcoin exchange-traded funds (ETFs) and the upcoming halving event. This perspective was a key point discussed on the first day of the Next Block Expo in Warsaw, where industry experts analyzed major trends in the market cycle.

During the expo, Bitcoin was emphasized as a critical focal point midway through 2024. Four experts, speaking with Cointelegraph, highlighted how Bitcoin continues to shape market sentiment. Adrian Zduńczyk, founder of the trading education platform The Birb Nest, pointed out that historical data from previous halvings indicates a significant potential upside for Bitcoin leading into 2025.

Zduńczyk noted that past Bitcoin bull runs have resulted in substantial gains, such as a 9,000% increase from 2011 to the 2013 peak. He also mentioned the 3,000% and 700% gains observed during the 2017 and 2021 bull runs, respectively. These historical trends underscore Bitcoin's role as a core indicator of market performance. "The facts are undeniable," Zduńczyk stated, "Bitcoin halving history has consistently led to massive price rises, and the data is very favorable."

Ben Yorke, vice president of the ecosystem at exchange platform WooX, also underscored the diminishing regulatory uncertainty surrounding Bitcoin. He highlighted the approval of Bitcoin ETFs in the U.S. and Hong Kong as significant milestones, demonstrating institutional and governmental validation. This regulatory clarity makes Bitcoin an increasingly attractive investment, especially for younger demographics worldwide.

Moreover, criticisms of Bitcoin's utility are being addressed through advancements like the Lightning Network, which enhances Bitcoin's transaction capabilities while allowing users to maintain full custody of their assets. Yorke believes that widespread adoption of these Bitcoin services will eventually silence the utility naysayers. Echoing this sentiment, Miko Matsumura, general partner at Gumi Crypto, suggested that improving Bitcoin's infrastructure for payments will further drive capital into the ecosystem.

Zduńczyk also observed that the approval of Bitcoin ETFs aligns with the seasonality of investment cycles, particularly during the summer months when market performance typically peaks. He mentioned that institutional demand and regulatory support are critical factors driving this trend. Additionally, historical trends around U.S. presidential elections have often boosted traditional markets, and this performance has historically spilled over into Bitcoin, suggesting a favorable outlook for the cryptocurrency in the coming years.