Bitcoin, while stagnating at the peaks of the 2021 bull market, investors continue to wait for larger peaks. With the price rising to $73,777, investors are buying at the current levels of $69,000 and this does not excite them. A few months ago, targets of $50,000 were noteworthy, but now eyes are on much higher figures.
Effect of Bitcoin Block Reward Halving
The rise in Bitcoin’s price is also supported by the interest in spot Bitcoin ETFs. A 67% increase is expected in the first quarter of 2024. Bitcoin block reward halving is expected to be one of the most significant events in 2024 and is thought to have an effect on the price. This event could lead to a decrease in Bitcoin’s supply and thus an increase in price.
Expert Opinions and Expectations
According to the founding partner of AdLunam, loose monetary policies of central banks could increase Bitcoin and ETF purchases, contributing to the rise in Bitcoin’s price. A peak between $100,000 and $150,000 is expected in the 12-18 months after halving. Other experts, however, think that the halving event is already priced in by the market.
Useful Information for the Reader
Bitcoin investors should be optimistic about higher price expectations and not buy at current levels.
The block reward halving can significantly impact the price of Bitcoin and lead to a price increase.
Loose monetary policies of central banks can directly increase Bitcoin purchases and ETF investments.
In conclusion, increased volatility is expected in the Bitcoin market in the near future. Particularly, inflation data and the halving event can cause price fluctuations. Investors should consider the impact of such events on the market when making decisions.
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