Crypto
Bitcoin Analyst Predicts 6-Figure Prices as Adoption Grows
courtesy of bitcoinist.com
Analyst Urges Investors to Accumulate Bitcoin While It's Still Affordable
Veteran crypto trader and analyst @olvelez007 is optimistic about the long-term price forecast for Bitcoin (BTC), urging investors, especially retail investors, to accumulate more BTC while it remains affordable.
Bitcoin Could Reach New Heights Unreachable for Ordinary Folks
Based on historical performance, @olvelez007 predicts that Bitcoin is poised for another magnitude leap in valuation that could take the coin to a new level, making it unreachable for ordinary people.
Bitcoin's History of Adding Another Digit Every Four Years
@olvelez007 points to Bitcoin's history of adding another digit as a psychological ceiling every four years, with prices rising from $1, then $10, $100, $1k, and $10k milestones in sequence.
Bitcoin Price Surge and Mining Reward "Halving" Events
The analyst believes that the surge in Bitcoin prices is closely tied to mining reward "halving" events, which adjust token emission rates. With the next halving expected in April 2024, @olvelez007 foresees 6-figure prices for Bitcoin on the horizon.
Reduced Mining Rewards and Network Security
In April 2024, Bitcoin's mining rewards will be reduced by half, leading to a drop in block emissions. While this move will help reduce inflation, it remains uncertain how Bitcoin miners will adapt to the change and its impact on network security.
Predicting Bitcoin's Future Performance
While the future performance of Bitcoin prices remains uncertain, recent surges suggest that BTC may not only break the immediate ceiling at around $40,000 but also retest the previous high of $69,000.
Approval of Spot Bitcoin ETFs and Price Increase
The expected approval of the first batch of spot Bitcoin exchange-traded funds (ETFs) in the United States is driving optimism in the market. Wall Street heavyweights like BlackRock and Fidelity are among the applicants, and hopes of approval have already pushed Bitcoin from $25,000 to above $37,000.
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