Also read: The fall in the price of #BTC BTC reaches 17.5%!
CryptoQuant's PnL Index is made up of three on-chain indicators that show the profitability of bitcoin. The index previously indicated that the cryptocurrency market would enter a bull cycle in 2024. However, the chart above shows that the current level is slightly lower than those seen when the market peaked during the 2013 bull cycles , 2017 and 2021.
Only one month left until bitcoin halving
In addition to the parameters discussed above, the upcoming bitcoin halving is a major factor that is expected to support the BTC price, paving the way for a parabolic uptrend.
According to the countdown of #CoinMarketCap , the next bitcoin halving will take place in less than 31 days.
With approximately 4,450 blocks to process, the fourth bitcoin halving is expected to take place on April 20, with a 50% reduction in miner rewards from 6.25 BTC to 3.125 BTC.
Historically, the halving of the bitcoin supply has always been associated with a rise in the price of bitcoin. Halving has always preceded a significant bullish movement in the bitcoin market.
Standard Chartered Bank made a bold prediction, increasing its forecast for the price of BTC from 100,000,$ to 150,000,$ in 2024.
In an investment note to clients on Monday March 18, Standard Chartered Bank analysts wrote,
“For 2024, given the larger than expected price gains since the start of the year, we now see potential for the price to reach the 150,000 level $ by the end of the year, compared to our previous estimate of $100,000. »
The bank also predicted that the BTC price would reach a cycle high at $250,000 in 2025 before stabilizing around $200,000.
