Although the opinions about when Bitcoin will return to the boom path are strongly divided, another high-profile personality associated with the financial industry believes that the rally on his chart may start as early as Q2 2023. All this due to ‘expectations’ ‘against Halving BTC. Enthusiasts of the leading virtual currency hope that the smaller amount of Bitcoin appearing on the market with the growing demand for them will bring the price of this cryptocurrency to new heights.
Bitcoin could start another rally in 2023.
Although the macroeconomic environment is volatile and it is difficult to predict how the cryptocurrencies will react at any given moment, Mark Yusko believes that the upcoming Halving BTC will be a key factor that can push the price up regardless of the circumstances. Currently, one Bitcoin costs about 20.7 thousand. hole. Although its rate jumped by more than 8% over the 7-day range, it still has a huge gap from ATH in November 2021. The price peak of the largest cryptocurrency so far is 68.7 thousand. hole. per coin, according to averaged data from the CoinMarketCap platform. The predictions of analysts that they shared recently were quite bearish. Against the background of the current bear market and downward movements in September and October this year, few forecast a Bitcoin price increase for the current and next year. Mark Yusko belongs to the group of people who see a chance for another rally already in the first half of 2023. In a recent interview for Cointelegraph’s news site admitted it expects a recovery in the market about 10 months ahead of Halving.
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The BTC price may rise to 100,000. hole. and more
Based on the ‘laws of mathematics’, the founder of Morgan Creek Capital Management explained that in the event that the reward for mining a block of Bitcoin and adding it to the chain is halved, the price of this cryptocurrency will have to at least double from current levels so that the mining process is still profitable for them. Currently, Bitcoin miners get 6.25 BTC coins for each newly mined block. Halving is an event inscribed in the mechanism of the leading cryptocurrency by its creator. As a result, the “remuneration” received by miners extracting blocks is reduced by half every 210 thousand. blocks mined (at the current rate of extraction, it is approximately every 4 years). The leading cryptocurrency has already had 3 Halvingi behind it – the last one took place in May 2020, and the next one may come in 2024. Due to the fact that earlier this event preceded growth cycles on the Bitcoin chart, some hope that this time too it will be similar. For this reason, investors may start accumulating BTC as early as 2023. According to Mark Yusko, the next target for the most popular cryptocurrency after Halving is 100,000. hole. for a coin. This means that its value would have to increase almost 5 times from the current price levels. According to this hedge fund manager, the above-mentioned price is not the limit for the BTC rate. He believes that this cryptocurrency can cost much more in the future. Although the correlation between the virtual currencies market and the stock market could be seen in recent months, Mark Yusko believes it will not be visible in the end. In his opinion, these two ‘segments’ are driven by completely different things – the stock market is influenced by Fed policy, economic growth and inflation, and cryptocurrencies are influenced by technological progress.
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