Financial Forecast of the Cryptocurrency Market by Petr Brazhnikov
The post Financial Forecast of the Cryptocurrency Market by Petr Brazhnikov appeared on BitcoinEthereumNews.com.
Recent trends in the cryptocurrency market and data analysis confirm that the probability of growth is much higher at the moment, especially given the growing demand for Bitcoin and the upcoming halfing. Growing Demand for Bitcoin: October 2023 saw a significant increase in the price of Bitcoin, which outperformed most traditional assets and other cryptocurrencies. This reflects the growing demand for Bitcoin as “digital gold” and optimism about the prospects for Bitcoin ETFs to be approved in the U.S. market. Grayscale Research notes that many investors are turning to Bitcoin as a hedge against potential risks, such as currency devaluation and military conflicts. Bitcoin also saw a 29% increase in October, highlighting its role in diversifying investment portfolios. Upcoming Bitcoin Halfing: The Bitcoin halfing, which is expected in April or May 2024, is a significant event in the history of the network. It will halve the block reward to 3.125 Bitcoin per new block. Historically, each halfing has resulted in a significant increase in the price of Bitcoin, although there has been high volatility in between. For example, after the first halfing in 2012, the price of Bitcoin rose from $12 to $42 in 100 days and reached $964 a year later. Market Analysis & Prospects: It’s important to note that more than 19.3 million of Bitcoin’s fixed supply of 21 million has already been mined, and halfings are helping to maintain its leading position among cryptocurrencies by market capitalization. At the same time, despite Bitcoin’s volatility, we can expect the upcoming halfing to have a significant impact on its price, given historical trends. In conclusion, given these factors, it is safe to assume that the probability of growth in the cryptocurrency sector, especially for Bitcoin, is significantly higher in the near future. Petr Brazhnikov Head of Analytical Department Fynite Innovation…
Filed under: News - @ December 28, 2023 8:12 am