Bitcoin’s price has risen above $20,000 per bitcoin, and Ethereum and other top 10 cryptocurrencies have surged along with it, but both remain far from all-time highs.Tesla billionaire and Twitter’s new owner Elon Musk, meanwhile, soared his favorite cryptocurrency.
now, After Shark Tank Star Kevin O’Leary Released Huge S&P 500 Bitcoin and Crypto Predictionsa new analysis shows that Bitcoin’s price could return to all-time highs above $60,000 sooner than previously thought.
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“The price starts rising 15 months before the next halving (November 2022) and tends to finish 39% from where it traded 24 months ago. That means it will be traded in dollars ($45,538*(1+39%) = $63,160 in March 2022) by March 2024,” says $10 billion asset manager and cryptocurrency firm Matrixport. Markus Thielen, Head of Research and Strategy at coin desk.
Bitcoin price predictions are based on historical price data prior to the Bitcoin halving in July 2016 and April 2020. This halving halved the number of new Bitcoins that secure the Bitcoin network and reward those who confirm transactions, known as miners.
Extrapolating historical data, Bitcoin’s price could hit just over $63,000 in March 2024, up almost 40% from just over $45,000 in March 2022. There is a nature.
The recent rise in Bitcoin’s hash rate (a measure of the computational power miners put into the Bitcoin network) has pushed the next halving forward from May 2024 to March 2024. Following the 2024 halving (his fourth cut in supply of Bitcoin), miners will receive her 3-strong bitcoin per block.
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Thielen also pointed out that “China is changing its stance on cryptocurrencies” after Russia changed its stance “in light of sanctions,” adding that Bitcoin, cryptocurrencies, Named Saudi Arabia as a third country that may look to decentralized blockchain. Based on web3 as an “alternative to the US dollar system”.
Meanwhile, Bitcoin, Ethereum and cryptocurrency traders are looking for signs of support around $20,000.
“In the short term, Bitcoin may need to sweep disappointment out of the stock market, but levels around $19,500 are likely to support the price for two reasons,” the email note said. .
“Firstly, Bitcoin’s breakout from a narrow range last week was accompanied by a significant increase in trading volume. This is a credible breakout from a technical standpoint. As pointed out in , the $20,000 strike put option buyers are likely to lift, lowering the Bitcoin spot price below that level to secure profits.”