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Bitcoin bull cycle continues despite recent dip; analysts predict price surge

TL;DR

  • Despite a recent dip, Bitcoin’s bull cycle persists, with fewer short-term investors.
  • Halving events and low valuations suggest Bitcoin’s price could surge, with forecasts adjusted upwards.
  • Standard Chartered Bank predicts Bitcoin could hit $150,000 in 2024, possibly peaking at $250,000 in 2025.

A recent analysis by an on-chain data analytics firm indicates that Bitcoin’s bull cycle remains intact despite a 13% decline in BTC value from its latest peak. The dip from $73,835 to just above $60,000 is viewed as a “pre-halving retrace,” signaling potential resilience in Bitcoin’s trajectory.

Investment trends favor a bullish outlook

According to the latest insights, only 48% of Bitcoin investment currently stems from short-term holders, notably lower than the 84%–92% typically observed after a bull cycle. This data suggests that significant Bitcoin holders remain committed to long-term strategies, indicating underlying confidence in the asset’s future trajectory.

Bitcoin’s current valuation metrics are reportedly lower than levels traditionally seen at market peaks. This factor and the prevailing investment trends strengthen the case for the ongoing bull cycle. With key indicators pointing towards sustained growth, market sentiment remains optimistic regarding Bitcoin’s prospects.

Halving event looms

The impending Bitcoin halving event, slated to occur in less than a month, is anticipated to serve as a further catalyst for price appreciation. This event occurs approximately every four years and will reduce miner block rewards by 50%, from 6.25 BTC to 3.125 BTC. Historical data suggests that such halving events have triggered significant Bitcoin price bull runs.

In response to these developments, Standard Chartered Bank has revised its BTC price forecast 2024 from $100,000 to $150,000. The bank speculates on a cycle peak of $250,000 in 2025 before stabilizing around $200,000. This adjustment reflects the bank’s confidence in Bitcoin’s upward trajectory, considering the performance of spot Bitcoin exchange-traded funds and the novel market dynamics they introduce.

Despite a recent dip in value, Bitcoin’s bull cycle appears to be ongoing, supported by favorable investment trends and valuation metrics. The upcoming halving event is expected to further bolster Bitcoin’s price, with analysts projecting significant gains in the coming years. Standard Chartered Bank’s adjusted price forecast reflects growing confidence in Bitcoin’s long-term prospects, highlighting the potential for substantial returns in the cryptocurrency market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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