Analysts disclosed that Bitcoin might reach 160,000 USD in exchange of 1BTC in the world market by 2024 Halving incur in a blockchain due to anticipation of the halving event, Historically known to trigger significant raillies in Bitcoin value by reducing the supply demand of "New Coins" available in the market.
Multiply factors, including the scheduled Halving in April 2024, Expected demand from verious spot exchange-traded funds (ETFs), and the general growth in broader stock markets following rate cuts, could pontentially push Bitcoin prices upward. According to a report by on-chain analysis firm CrytoQuant, Bitcoin might exprience short-term gains, reaching at least 50,000USD, driven by these catalysts.
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Analysts at CryptoQuant highlighted six major influences expected to positively impact Bitcoin and crypto market in 2024: The market valuation cycle, network, activity, Bitcoin halving, macroeconomic factors, approval of Bitcoin spot ETF's, and increasing stablecoin liquidity. They forecast that Bitcoin could potentially target 55,000USD in the medium term and even reach 160,000 dollars as the peak price of this cycle
The enthusiasm for Bitcoin continues as traditional financial players like BlackRock and VanEck engage in discussions with the US Securities and Exchange Commission (SEC) for spot Bitcoin ETF's. This ongoing dialogue suggests a positive progression toward potential ETF approvals.
Micheal Saylor, a prominent Bitcoin advocate, believes that the move towards Bitcoin ETFs might mark one of the most significant developments on wall street in decades, comparing it to the advent of the S&P 500 ETF that simplified investor access to the widely fellowed index. Saylor's company, MicroStrategy, holds a substantial amount of Bitcoin in its treasury...
