News translation
Will Bitcoin reach $0.01 million? It's a translation of a news column called
Bitcoin (CRYPTO: BTC) has had an interesting year. From the beginning of 2024 to its record high on March 14, Bitcoin has risen 73%. But it's been a pretty uninterrupted 4 months since then. Bitcoin has been doing well in recent weeks and is currently 12% off its peak price (as of 7/18). About 67,000 dollars
The bulls are hoping a breakout will happen. That being said, is the world's leading cryptocurrency on track to hit 0.1 million dollars sometime in 2025, set a new record, and break the psychologically significant 6-digit mark? Let's see if that 52% gain (from today's price) is likely.
Multiple catalysts
At the end of 2022, less than 2 years ago, the price of Bitcoin was below $16,000. That year was a difficult year for risk assets, where cryptocurrencies and stocks are the applicable categories. However, it's worth watching Bitcoin rise since then.
Top digital assets can thank several recent catalysts for their performance. Most notable this year was the approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). This long-awaited event essentially justified Bitcoin on both Wall Street and Washington. And it opened the floodgates for more capital to flow into assets in a convenient and docile manner.
Another catalyst was the April halving which cut the new supply of bitcoins entering the market in half. This happens approximately every 4 years as we reinforce Bitcoin's fixed issuance schedule. Digital assets typically experience massive bull runs over the next few months.
I think the broad acceptance of Bitcoin is another step in the right direction. For example, during this year's election, politicians are beginning to make Bitcoin more specific and cryptocurrencies more broadly important issues.
The possibility of interest rate cuts could also boost the price of Bitcoin. That's because investors begin to accept more risk with the goal of achieving higher returns. And given Bitcoin's impressive track record, demand for it could increase if the Federal Reserve becomes more accommodative.
Previous cycles
As mentioned above, after a half-life event has occurred, the price of Bitcoin usually rises rapidly over a period of 12 to 18 months or so. Of course, as assets matured, it's not surprising that this bull run wasn't as spectacular as the previous ones.
For example, in 17 months after the July 2016 halving, prices surged 2,890%. Then, in 18 months since the halving occurred in 2020/5, the price of Bitcoin soared nearly 8 times.
The bulls are hoping a breakout will happen. That being said, is the world's leading cryptocurrency on track to hit 0.1 million dollars sometime in 2025, set a new record, and break the psychologically significant 6-digit mark? Let's see if that 52% gain (from today's price) is likely.
Multiple catalysts
At the end of 2022, less than 2 years ago, the price of Bitcoin was below $16,000. That year was a difficult year for risk assets, where cryptocurrencies and stocks are the applicable categories. However, it's worth watching Bitcoin rise since then.
Top digital assets can thank several recent catalysts for their performance. Most notable this year was the approval of a spot Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). This long-awaited event essentially justified Bitcoin on both Wall Street and Washington. And it opened the floodgates for more capital to flow into assets in a convenient and docile manner.
Another catalyst was the April halving which cut the new supply of bitcoins entering the market in half. This happens approximately every 4 years as we reinforce Bitcoin's fixed issuance schedule. Digital assets typically experience massive bull runs over the next few months.
I think the broad acceptance of Bitcoin is another step in the right direction. For example, during this year's election, politicians are beginning to make Bitcoin more specific and cryptocurrencies more broadly important issues.
The possibility of interest rate cuts could also boost the price of Bitcoin. That's because investors begin to accept more risk with the goal of achieving higher returns. And given Bitcoin's impressive track record, demand for it could increase if the Federal Reserve becomes more accommodative.
Previous cycles
As mentioned above, after a half-life event has occurred, the price of Bitcoin usually rises rapidly over a period of 12 to 18 months or so. Of course, as assets matured, it's not surprising that this bull run wasn't as spectacular as the previous ones.
For example, in 17 months after the July 2016 halving, prices surged 2,890%. Then, in 18 months since the halving occurred in 2020/5, the price of Bitcoin soared nearly 8 times.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
米株80%日株20% 暗号株は総額の約40%以内
日本株は小型バイオ株中心 円高対応が課題
時折 ネコ画像付きで投稿します
29Followers
107Following
99Visitors
Follow