Ignas, a prominent DEFI researcher shared several factors that will drive the next bull run. The researcher said the groundwork for Bitcoin’s breakout is already on, and will fuel an uptrend to $69 by Q4 2024, ultimately culminating in the 2025 breakout.
According to Ignas, the groundwork for this bull run will rely on two major DEFI components, restaking and Bitcoin ordinals. Ordinals , which are a new technology infrastructrure for making Bitcoin fungible (interchangeable), are set to bring DEFI to the Bitcoin Network. It bears mentioning that until recently, the Bitcoin blockchain could not differentiate between one satoshi (smallest unit) to another. Thereby limiting the fungibility of BTC.
Ignas observed that ordinals have historically demonstrated their potential in driving strong demand for NFTs and DEFI on the Bitcoin ecosystem. According to the researcher, Stacks and Alex are the leading protocols in this niche.
As a smart contracts layer, developers execute DEFI apps on the Stacks protocol and settlements take place on Bitcoin. Alex on the other hand, is a crypto trading, lending and borrowing platform that supports Bitcoin settlements.
The other factor to fuel Bitcoin’s growth is loaning out Ethereum’s security through restaking. According to Ignas, the new feature will allow investors to secure multiple networks simultaneously and ultimately receive higher compensations. With ordinals and restaking, the researcher believes Bitcoin will test the $69K ATH by the end of next year, and break out to a fresh ATH by the end of 2025.
Sourced from cryptonews.net.
