Some experts are aiming for the $100,000 threshold as they speculate about Bitcoin price forecast, which is intensifying as the 'halving' event of Bitcoin draws near in less than two weeks.
At the moment, Bitcoin (BTC) has moved up to $69,395—a little increase.
The mining incentive will be reduced in half during this critical event, which has the potential to cause large market moves and spark discussions about how Bitcoin's value may be affected.
Implications and Anticipations of the 2024 Bitcoin Halving as the Countdown Commences
The reward for mining new blocks will be cut in half, limiting miner revenue for transaction verification, when Bitcoin halving happens in April 2024. Until there are 21 million bitcoins in circulation, this decrease will occur every 210,000 blocks, which is around four years.
For traders, the halving of the fresh bitcoin supply is critical since it has the ability to increase prices, given consistent demand. The reward will drop from 6.25 to 3.125 bitcoins due to the impending halving at block 740,000.
Despite bitcoin's current stability, Steno Research analysts predict a potential "buy the rumor, sell the news" scenario around this halving, echoing previous occurrences.
The trends seen in the 2016 halving are expected to repeat, with prices going up before the halved and maybe going down afterwards.
Given the growing interest and investment in Bitcoin by institutions, the market's reaction to the halving will be best understood in the coming weeks.
The Case of Coinbase's Legal Victory Over Regulations of Crypto Transactions
Ruling that Coinbase's secondary cryptocurrency sales do not violate the Securities Exchange Act, the U.S. Court of Appeals for the Second Circuit sided with the prominent cryptocurrency exchange, Coinbase, in a landmark legal decision.
Traders' interests from October 2019 through March 2022 were represented in the lawsuit, which questioned the status of Coinbase's cryptocurrency transactions as securities. Despite acknowledging possible problems under the Securities Act, the court rejected these arguments owing to a lack of proof.
This decision solidifies Coinbase's position on cryptocurrency sales and has the ability to inspire trust among investors, which might lead to an uptick in Bitcoin trading and prices.
Legal victory for Coinbase upholds its transaction policies
Has the potential to increase Bitcoin trading volume and investor trust
Ethereum, the Best Cryptocurrency to Invest Under $1,000 In the Face of a Throng
In the booming cryptocurrency industry, Ethereum (ETH) is a standout investment option. Ethereum controls more than 60% of the market value in the decentralized finance (DeFi) sector, even if it is 20% below its high.
New features and lower Layer 2 transaction costs in Denchun's most recent upgrade solidify its central position in DeFi.
Ethereum wasn't recommended by the Motley Fool, but investors are drawn to it because of its DeFi dominance and continuous developments. This might lead to a favorable impact on Bitcoin prices as it helps build confidence in the crypto industry.
Ethereum has a commanding market dominance in the DeFi space.
Changes made recently improve features and pique the interest of investors.
Market Optimism Fueled by Genesis' $2.1 Billion Bitcoin Acquisition
Genesis sold 36 million GBTC shares and bought $2.1 billion worth of Bitcoin as a strategic move.
The purpose of this $65,685 per Bitcoin transaction is to pay off debts and increase the value of its Bitcoin holdings, which are now at $2.18 billion.
Genesis has just filed for Chapter 11 bankruptcy, but the market doesn't seem to care about its massive Bitcoin investment. Coinbase thinks the money will stay in the crypto ecosystem, which might increase the demand for and price of Bitcoin.
With a gain of almost 0.75 percent, Bitcoin's (BTC) price has risen to $69,395. With $69,927, $71,711, and $73,765 serving as resistance, the pivot point is at $68,572.
With a decline to $65,076 and $63,114, support is found around $66,788.
Both the 50-day Exponential Moving Average (EMA) at $67,984 and the Relative Strength Index (RSI) at 61 point to a positive attitude.
Above $68,572, the general trend for Bitcoin seems favorable, but a major decline in price can occur if prices drop below this support level.