Bitcoin Developers Teases One Major Trigger For Next Bull Run

Some market analysts and developers believe they know the next major catalyst or trend that could drive the price of Bitcoin (BTC) to new levels.

Bitcoin Developers Suggest Programmability to Push Price

With the approval of spot Bitcoin ETF trading by the United States Securities and Exchange Commission (SEC) and the completion of the BTC halving, many crypto enthusiasts remain concerned about what could trigger the next rally. In response, some developers highlighted that adding programmability to the Bitcoin blockchain might be the next crucial catalyst.

Compared to Ethereum (ETH) which can be used to swap coins and earn yield on its blockchain, the coin is perceived more as digital gold, a token held particularly for appreciation. The Bitcoin network is not capable of offering support to apps through the so-called smart contract functionality. Ordinarily, this functionality allows for features like self-executing agreements stored on he blockchain.

In the last few years, developers have invested effort and resources into fixing the Bitcoin design flaw. At a point, Bitcoin Layer-2 networks were introduced to tackle the challenge. An example is the Lightning Network, the L2 designed to upscale Bitcoin for applications like payments.

Over time, a couple of this supposed solutions have proven to be inadequate to address the smart contract demand. Then there was Bitcoin Ordinals which made a momentary difference. Again, one anonymous developer called Domo also proposed the implementation of BRC-20  which utilizes inscription mechanism to issue tokens on the Bitcoin blockchain.

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Despite the innovative efforts thus far which include Runes protocol, proponents believe more could be achieved.

More Effort Required for BTC Programmability 

Despite all of these modifications, the broader crypto industry have seen so-called bridges, that is, software infrastructure that are built to move tokens between networks, exposed to hacks, contributing to reluctance amongst users.

Ultimately, it appears that many investors are only “hodling ” the coin while they wait for its market value to rise. Bitcoin price retreat from over $73,750 in March is suspected to be a function of declining investors’ enthusiasm in the flagship cryptocurrency. These shortcomings forced developers into seeking ways to boost the BTC network.

The community is considering proposals like OP_CAT, a software upgrade to the Bitcoin network.  It is believed that the integration of this solution will make programmability easier to implement. Several protocols are developing solutions that will facilitate Bitcoin programmability including Layer 1 Foundation and Arch amongst others.

Meanwhile, Bitcoin is currently trading at $66,759.42 with a 0.28% decrease with in the last 24 hours.

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