According to the latest data from blockchain analytics firm encryption quantizationon-chain arguments suggest $100,000 in Bitcoin is increasingly likely.
#cryptocurrency expert forecast #bitcoin $100,000 post-halving event in 2024 https://t.co/U7qEpG1om4
— Kyptos (@azcoinnews) April 8, 2023
From the beginning of 2023 to the present, Bitcoin has helped investors achieve a return of 69%, which is a remarkable achievement. Additionally, the correlation between Bitcoin and the Nasdaq 100 has weakened, falling 60% from 0.75 in October to the current level of 0.3. That suggests it is becoming less and less influenced by the stock market, a positive sign for the long-term outlook.
Source: CryptoQuant
Bitcoin’s market behavior can be subdivided into an accumulation period and an allocation period, forming a multi-year cycle sequence. The accumulation cycle is favored by smart money (institutions), while the allocation cycle is the demand of retail investors. The history of Bitcoin is also dominated by halving events, preceded by accumulation cycles before halving.
The change from accumulation cycle to distribution cycle can be predicted by fees to reward on-chain data, which tends to surge before each distribution cycle. This phenomenon happened in 2019 and 2020. Now, bonus fees seem to be skyrocketing again.
According to the 2019 price model, Bitcoin is close to $46,092, which will be reached in the upcoming summer of 2023. However, the real target is the 2024 block reward halving event, which is also a paradigm shift in the Bitcoin market cycle chain.
The expected date of Bitcoin’s next halving is April 29, 2024, which will increase the cryptocurrency’s scarcity by reducing the block reward from 6.25 to 3.125. If the target price of $46,092 can be achieved, it is easy to see Bitcoin hit $100,000 after the fact.
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Mr. teacher
according to Kyptos
