'Bitcoin could surpass $50,000 mark in 2024'

'Bitcoin could surpass $50,000 mark in 2024'  


Bitcoin ' s rebound is just the start of rally that that will take it past $50,000 next year courtesy of a process known as halving that curbs the supply of new tokens, according to projections from crypto analysts.


The largest digital asset has climbed 67% since December 31 in partial revival  from an epic rout in 2022. While the tokan at the moment is struggling in the vicinity of $30,000, halving holds the potential to trigger an advance of least 81% , according Bloomberg  Intelligence and Matrixport .




A halving - or halvening - cuts in half the amount of token that Bitcoin miners receive as reward for there work . The quadrennial event is due next around April 2024 and is part of the process of capping bitcoin supply at 21 million tokens . The coin hit records after each of the last three halvings .



The upcoming halving is currently about 50 % priced in based on previous cycle , said Jamie Douglas Coutts,  a Bloomberg Intelligence analyst . Coutts pridict that Bitcoin can scale $50,000 by April 2024.



Bitcoin cycles around 12- 18 months prior to halving and this cycle structure looks similar to the past ones , although many things have changed while the network is vastly stronger , bitcoin has never endured a prolonged 

severe economic constraction, he said 

The bitcoin bounce has sputtered of a late restrained

By cooling  expectations of 

Federal reserve intrest - rate 

cuts aimed persistent inflation . A US regulatory 

crackdown on crypto in the wake  of  FTX 

exchanges collapse in November 2022 

also threatens to darken the market outlook.

 FTX low

If the collapse of FTX was indeed the bottom of this cycle , then history would suggest that we still have approximately 350 days of accumulation before witnessing the characteristics post halving breakout price action, " said Jacob Joseph, an analyst at CCData .



Markus Thielen , research head at Matrixport , said in a recent note that Bitcoin will reach around $65,623 bt April 2024 more then double the current price.

Crypto market crashed last year as central bank jacked up rates to curb price pressures and digital asset companies imploded.

Bitcoin may once again reach a new all time high in future , however it is unlikely to see the same growth as the previous cycles due to increase market size and competition from other digital assets , said " CCData Joseph .



                                           ---------------------Varsha Tiwari (BJMC ll)---------------------

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