Cryptocurrency investors are ahead of the US CPI data, which is expected to be announced tomorrow, and therefore the FED’s anti-inflation moves. bitcoin price started to rise. BTC price managed to break the $30,000 barrier after a 10-month hiatus.
bitcoin While investors continue to wait for 2024 with great excitement, it is the power behind the rise in price. As we have reported as Koinfinans.com, an increase in price is expected with the “halving” that will take place next year. The biggest reason for this is that the price increased 556% in the previous halving period (2020).
The team of leading analytics firm CryptoQuant has recently published a remarkable forecast for the BTC price. The team noted that the correlation with the NASDAQ 100 index has weakened. This drop could mean BTC’s breakout from traditional markets. This break in the correlation is interpreted as the rise of Bitcoin price will not be more dependent on other markets.
But in general, BTC maintains price action in two phases; This is the “accumulation and distribution” phase. Investors are known to buy and hold Bitcoin during the accumulation phase, which raises its price. Unlike the accumulation phase, investors sell during the distribution period, which lowers the price.
Prominent cryptocurrency on the other hand, makes important moves in terms of supply with the “halving” event held every four years. After this halving event, the rewards of the miners are reduced by 50%. This means less new assets to be added to the supply as a result. Considering all these developments, the CryptoQuant team believes that a price of $100,000 is possible in 2024. Although it is known that the halving event will take place at block 840,000, the average date is estimated to be April 28, 2024.
You can follow the current price action here.