Here’s Why A Bitcoin Bull Run In 2024 Is Inevitable
06 Fevereiro 2024 - 8:00PM
NEWSBTC
The expectations of a Bitcoin bull run in the year 2024 continue to
drive investment decisions across the space. A number of reasons
have been given for the expected bull run, including the approval
of Spot Bitcoin ETFs for trading as well as the upcoming BTC
halving event. One analyst has echoed the latter, elaborating on
why the halving will bring about a bull market. The Bitcoin Halving
Event Will Send Market Higher Crypto analyst James van Straten took
to X (formerly Twitter) to explain why the Bitcoin halving event is
bullish for price. Now, the halving is an event that is programmed
to take place approximately every four years, cutting the block
rewards in half each time it happens. Related Reading: LUNC Price
Rally Is Far From Over Following Falling Wedge Breakout, Analyst
Says This means that the number of BTC that miners are awarded for
mining a block is immediately slashed by 50%, thereby drastically
reducing the number of new coins coming into circulation.
Currently, the block reward is at 6.25 BTC and the next halving
will slash it to 3.125. Straten points to this reduction, using the
monthly issuance as the case study. He explains that over the past
month, there have been a total of 61,000 BTC accumulated by miners
and exchanges. However, after the halving, the monthly issuance is
expected to drop to 13,500 BTC and it is this drop that is most
significant. Past 30 days of all cohorts, miners and exchanges
included have accumulated 61,000 #Bitcoin. When monthly issuance
gets cut in half in April to 13,500 #Bitcoin. If demand stays the
same, it outpaces issuance by a factor of 4. Market will find an
equilibrium most likely… https://t.co/FZOWsa8AGR
pic.twitter.com/yn4lsF3cPG — James Van Straten (@jvs_btc) February
6, 2024 As Straten points out, if the demand were to stay elevated
at the same levels when the halving takes place, it would see
demand exceed supply by a factor of four. This will cause a shift
in the market, which will have to “find an equilibrium most likely
higher.” In other words, prices would have to go up to keep up with
the demand. BTC price recovers from crash | Source: BTCUSD on
Tradingview.com Targets For BTC Price In 2024 Another bullish
factor for the Bitcoin price is that the halving year coincides
with the United States presidential elections. As Markus Thielen,
Head of Research at Matrixport, pointed out in an analysis, this
coincidence has always been bullish for the price. Related Reading:
Dogecoin Adoption Rate Touches New ATH, But Why Is This AI Bearish
On DOGE Price? The report points back to the previous halving and
election years, which show the price of Bitcoin ending on a high
note. The last three halving years have seen BTC rise 152% in 2012,
121% in 2016, and 302% in 2020, showing a consistent trend. With
the year 2024 being another halving and election year, the research
analyst expects that the price of Bitcoin will finish out the year
at $70,000. This would mean another 65% rally from the current
price levels, and if the trends hold, the start of another bull
market. “Supported by the macro environment, monetary tailwinds,
the US election cycle, and gradually increasing demand from TradeFi
investors allocating to Bitcoin ETFs, a Bitcoin rally to 70,000
appears plausible,” Thielen said. Follow Best Owie on X (formerly
Twitter) for market insights, updates, and the occasional funny
tweet… Featured image from Bitcoin News, chart from TradingView.com
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