Category: Crypto News, News

Bitcoin Price Prediction – Forbes Advisor Australia

By Published On: June 14, 20242.6 min readViews: 1470 Comments on Bitcoin Price Prediction – Forbes Advisor Australia

Bitcoin’s journey started in 2009, with the release of the bitcoin white paper by creator Satoshi Nakamoto. In its early days, BTC was valued at less than a cent.

The early years of bitcoin were marked by steady growth and periods of rapid price appreciation, known as ‘bull runs’. One of the greatest bull runs saw the price of BTC run from $US4,000 to $US69,000 in November, 2021. Over the past 18 months, BTC has risen from $US16,000 to a new all time high of $US73,000.

However, there were also periods of uncertainty, as Sciberras points out.

“During 2014 and 2017 we saw many bitcoin ‘forks’ proposed that split the bitcoin community,” he says. Hard forks are changes to the underlying protocol of the blockchain network that essentially splits a cryptocurrency into two.These forks represented crucial junctures in bitcoin’s history, with various factions in the community attempting to change BTC’s direction. Despite heated debates, and a number of forks, bitcoin has persisted in its current format. 

“Bitcoin surviving these attempts to change it is a core contributor to where BTC is now, increasing its confidence and resilience,” Sciberras says. 

“It has weathered many storms and attempts to change it, with bitcoin forks now a distant memory, combining for less than 1% of bitcoin’s total market cap.”

In June of 2023, BlackRock, the world’s largest asset manager, filed plans to start an exchange-traded fund (ETF) specifically for BTC. Multiple other institutions followed suit, with WisdomTree, ARK Invest and others lodging their first application or updating existing applications shortly after BlackRock’s announcement. In January this year, 11 of the ETF applications were approved for trade in the US, pushing the price of bitcoin to reach a new all-time high of over $US73,000. Since their inception, these ETFs have seen some of the largest inflows of any ETF in history, marking them as one of the most successful ETF launches ever.

Another defining feature of bitcoin’s price history is the halving event, which happens roughly every four years, and reduces the rate at which new coins are created. The most recent Bitcoin halving occurred on April 20, 2024, as the bitcoin blockchain ticked over the 840,000 block. The issuance rate for bitcoin is now down to 3.125 BTC per block, taking bitcoin’s annual inflation well below 1%.

“We’ve seen bitcoin’s price significantly increase a year before the halving and a year after,” Sciberras says.

Many investors view the halving event as one of the most significant factors that affects bitcoin’s price. However, Sciberras is circumspect.

“The jury is still out on how priced-in the halving is, or how important the event is in the grand scheme of bitcoin’s price trajectory,” he says.

“There is a theory that the four-year halving event is not as significant as many think and that, instead, its alignment with external liquidity cycles is what makes it appear like a trigger for upward price movement.”

Invest Smarter with eToro

Invest with a crypto brand trusted by millions. Buy and sell 70+ cryptoassets on a secure, easy-to-use platform

Own Crypto

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Source link

Discover more from BIPNs

Subscribe to get the latest posts sent to your email.

banner image

Written by : Editorial team of BIPNs

Main team of content of Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.

Discover more from BIPNs

Subscribe to get the latest posts sent to your email.