On April 11th, Bitcoin reached its highest level in ten months as traders awaited this week’s Consumer Price Index report on April 12 and the Federal Reserve’s next move in their battle against inflation.
The price is anticipated to soar when Bitcoin’s second halving event occurs in 2024. This prediction is not just a guess, since the price surged by more than 556 percent in the year 2020.
The connection between Bitcoin and the technology-related Nasdaq 100 index has weakened, dropping 60% from October’s value of 0.75 to the present value of 0.3, according to a recent analysis by the CryptoQuant team. This may be an indication that Bitcoin is separating itself from conventional markets.
This change has made it simpler for the price of BTC to rise, signaling a favorable market attitude. Over a longer period of time, the market behavior of BTC can be separated into two primary phases: accumulation and distribution.
Investors are known to purchase and retain Bitcoin during the accumulation phase, which raises its price. Contrary to the accumulation phase, investors sell during the distribution period, which lowers the price.
The history of Bitcoin is marked by halving events, which happen about every four years. Institutional investors often go through an accumulation period before each Bitcoin price halving event. Events like the Bitcoin halving are important because they slow down the rate at which new Bitcoin is created and make it harder for miners to receive rewards for validating transactions.
CryptoQuant study suggests that Bitcoin may hit $100,000 in the days following the 2024 halving event. Data from Coingecko showed that the Bitcoin block reward will drop to 3.125 coins, or half its current value, in around 383 days. Block #840,000 is where the Bitcoin halving will take place. Hence, April 28, 2024, is when the award is expected to be distributed.
Source: https://coinpedia.org/bitcoin/is-this-the-start-of-bitcoin-bull-run-cryptoquant-predicts-btc-price-for-2024/