Bitcoin

April

when

The Bitcoin network’s halving, which will occur in April 2024, will be the most impressive. Why? During the last halving in 2020, Bitcoin was worth around $9,000. Therefore, after halving the block reward, $9 million worth of coins disappeared from circulation per day, and $3 billion less per year. 
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During the upcoming halving, when the price of Bitcoin will be around $70,000, the effect will be three times more powerful in dollar terms: approximately $32 million per day and $11 billion per year. Sales volume will decrease much more significantly, while we observe an increase in demand,” said Horsley. 
Hunter suggests that thanks to the halving, demand for bitcoins will exceed supply even more. Strengthening this imbalance will inevitably lead to an increase in the cryptocurrency’s value and the resumption of the bull rally. 
Matt Hougan, Bitwise’s Director of Information Technology, forecasts a long-term increase in the Bitcoin price due to ETFs, which have increased the demand for the virtual currency. According to his estimates, if institutions invest at least 1% of their assets in BTC-based funds, Bitcoin’s market capitalization will increase by $1 trillion (72% of its current value). 
Hougan believes that up to 2.5% of financial resources could be allocated to cryptocurrency, meaning that Bitcoin’s market capitalization could grow by $2.5 trillion (180%) solely due to ETFs.

Upcoming halving will affect the Bitcoin market more than previous ones.

Blocksays

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