Project - in Dubai UAE 10:35 AM・Mar 22, 2024 Bullish Bitcoin Bull Cycle Is ‘ABOUT TO START HEAVY!!’ Thanks to the Halving — CryptoQuant Research
In the last 72 hours, Bitcoin's price saw a 13% drop from its record high of $73,835 to about $60,000, attributed to market corrections ahead of the anticipated Bitcoin halving event in roughly 30 days. Despite this, optimism remains as a CryptoQuant report suggests the Bitcoin bull cycle is far from over, noting that investment from new investors is still below the typical end-cycle levels of 84%-92%.
Further reinforcing this positive outlook, the report highlights that current Bitcoin valuation metrics have not reached the peak levels observed in previous market tops. With 48% of Bitcoin investment coming from short-term holders, the situation is comparable to mid-2019, indicating potential for recovery.
The CryptoQuant PnL Index also suggests the market is yet to hit its peak, drawing parallels with the precursors to previous bull runs.
The approaching Bitcoin halving, expected to occur on April 20, reducing miner block rewards from 6.25 BTC to 3.125 BTC, is highly anticipated to trigger a significant price increase, as historically, halvings precede bull markets. Standard Chartered Bank further fuels this optimistic view with a prediction that Bitcoin could reach $150,000 by the end of 2024, surpassing earlier estimates and potentially hitting a cycle top of $250,000 in 2025.
This optimistic forecast is partly based on the performance of spot Bitcoin ETFs and the unique market dynamics of this halving cycle. While investment risks always exist, the outlook for Bitcoin remains hopeful, suggesting a bright future for investors.🎁💵
