JPM: Bitcoin bull market expected post-halving

Ritu13

Morgan Stanley predicts a rebound for Bitcoin after the halving event in early 2024.

Currently, there are approximately 137,100 bitcoins yet to be mined before reaching this milestone, expected to occur within the next 150 days. The recent agreement between the United States and Binance has been a catalyst for positive sentiment, laying the foundation for a new era of cryptocurrencies. Following this development, Bitcoin found strong support between $31,000 and $32,000 after breaking out of a macro ascending triangle pattern.

Institutional interest in Bitcoin's growing value is seen as a driving force behind its potential to surpass a $3 trillion market cap by mid-2025. Historical patterns indicate that halving events, reducing miner rewards, typically trigger bull markets. Analysts anticipate that due to increased investment, progress in regulatory frameworks like the EU's Markets in Crypto-Assets (MiCA), and potential cryptocurrency regulations in the United States, Bitcoin's price could soar above $100,000 after the next halving event.

Cathie Wood, also known as "Wood Sister" from Ark Investment, holds a more optimistic view, predicting that Bitcoin's price could rise to between $650,000 and $1.5 million by 2025.

This bullish outlook is supported by the FOMO (Fear of Missing Out) wave among investors seeking quality assets. The expectations surrounding these developments indicate that the cryptocurrency sector is rapidly evolving and will have a significant impact on investors and the broader financial markets.

Yamini003

The bull market has been talked about for a long time.