Recently, with the price of Bitcoin exceeding $31000, the cryptocurrency market has been fully activated.According to market data, driven by the positive upgrade of Ethereum in Shanghai, Bitcoin rose to $31043 on April 14th, with Ethereum reaching a maximum of $2157.However, since then, the market has entered a significant downward trend. As of writing, the price of Bitcoin is $27475 and the price of Ethereum is $1842, and the market is still in a clear downward trend.Although the current market trend is in a downward trend,However, this round of rise still laid the foundation for cryptocurrencies to completely break free from the bear market cycle and provided optimism for subsequent market developments.At present, it is widely believed in the market that the cryptocurrency bull market has gradually started, especially with only one year left for Bitcoin's fourth halving and the traditional financial market facing a recession. Two major positive factors will drive the bull market to arrive early: 1、 According to the halving of Bitcoin and the bull market pattern, cryptocurrencies will usher in a new bull market next year.The halving cycle of Bitcoin is four years. The last halving occurred on May 12, 2020, and it is expected that the next halving may occur between March 2024 and June 2024. 2、 Traditional financial markets may face recession, providing a broader basis and logic for cryptocurrencies to rise.Federal Reserve policymakers expected a mild recession later this year at their March meeting, followed by a recovery in the next two years. This is the first time since 2020 that the Federal Reserve has publicly stated its expectation of a recession.The leading indicator index of the World Federation of Large Enterprises also shows that an economic recession is approaching.Justyna Zabinska LaMonica, senior manager of business cycle indicators, a think-tank, said that it was expected that the economic weakness would intensify and expand in the coming months, leading to a recession from the middle of 2023.With the view that the bull market has already started, market predictions for Bitcoin prices next year are also emerging one after another. According to market information, there are currently three main types of market predictions for Bitcoin prices: 1、 Bloomberg analysts predict that Bitcoin prices will reach $50000 in April next year.Bloomberg industry research analyst Jamie Douglas Coutts said that based on previous cycles,The upcoming halving of Bitcoin is currently reflected in approximately 50% of market quotes。 Coutts prediction,By April 2024, Bitcoin may reach $50000
Recently, with the price of Bitcoin exceeding $31000, the cryptocurrency market has been fully activated.
According to market data, driven by the positive upgrade of Ethereum in Shanghai, Bitcoin rose to $31043 on April 14th, with Ethereum reaching a maximum of $2157.
However, since then, the market has entered a significant downward trend. As of writing, the price of Bitcoin is $27475 and the price of Ethereum is $1842, and the market is still in a clear downward trend.
Although the current market trend is in a downward trend,However, this round of rise still laid the foundation for cryptocurrencies to completely break free from the bear market cycle and provided optimism for subsequent market developments.
At present, it is widely believed in the market that the cryptocurrency bull market has gradually started, especially with only one year left for Bitcoin's fourth halving and the traditional financial market facing a recession. Two major positive factors will drive the bull market to arrive early:
1、 According to the halving of Bitcoin and the bull market pattern, cryptocurrencies will usher in a new bull market next year.
The halving cycle of Bitcoin is four years. The last halving occurred on May 12, 2020, and it is expected that the next halving may occur between March 2024 and June 2024.
2、 Traditional financial markets may face recession, providing a broader basis and logic for cryptocurrencies to rise.
Federal Reserve policymakers expected a mild recession later this year at their March meeting, followed by a recovery in the next two years. This is the first time since 2020 that the Federal Reserve has publicly stated its expectation of a recession.
The leading indicator index of the World Federation of Large Enterprises also shows that an economic recession is approaching.
Justyna Zabinska LaMonica, senior manager of business cycle indicators, a think-tank, said that it was expected that the economic weakness would intensify and expand in the coming months, leading to a recession from the middle of 2023.
With the view that the bull market has already started, market predictions for Bitcoin prices next year are also emerging one after another. According to market information, there are currently three main types of market predictions for Bitcoin prices:
1、 Bloomberg analysts predict that Bitcoin prices will reach $50000 in April next year.
Bloomberg industry research analyst Jamie Douglas Coutts said that based on previous cycles,The upcoming halving of Bitcoin is currently reflected in approximately 50% of market quotes。 Coutts prediction,By April 2024, Bitcoin may reach $50000。
If the collapse of FTX is indeed the bottom of this cycle, then history will indicate that,Before witnessing the typical breakout trend after halving prices, we still have about 350 days of 'accumulation' period。”
He further added, "Bitcoin may once again reach a historic high in the future, however,Due to the expansion of market size and competition from other digital assets, Bitcoin is unlikely to experience the same growth as in previous cycles。”
2、 Standard Chartered Bank predicts that Bitcoin's winter has passed and will rise to $100000 next year!
Geoff Kendrick, Director of Digital Assets at Standard Chartered Bank, stated in his latest report that,Bitcoin may benefit from recent market developments。 This includes banking turmoil, as well as the stabilization of risky assets as the Federal Reserve's tightening cycle approaches its end.
Although the root cause of uncertainty still exists, we believe that,The path to the $100000 level is becoming increasingly clear He added that Bitcoin may reach this level by the end of next year。
3、 Balaji Srinivasan, former Chief Technology Officer of Coinbase, said that hyperinflation might lead to the price of Bitcoin reaching about $1 million.
He believes that this could happen as early as June this year。
In addition, industry leaders such as John McAfee quickly stated that Bitcoin has the ability to reach $1 million, while ArkInvest's Cathie Wood mentioned that she believes BTC has the ability to achieve such a milestone.
However, the difference between their predictions and Srinivasan's is that they fully acknowledge that Bitcoin will take time to reach this number. At least for a few years or so, Srinivasan claimed that this could happen at an extremely fast pace. Because he thinksHyperinflation will happen soon, which may push Bitcoin beyond anything people thought reasonable at first.
Despite differing opinions on the magnitude of price increases, the consensus is that the most important thing for the market at present is how to prepare for the upcoming rise.
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