Analysts Predict Bitcoin Price Growth to $63,000

Representatives of the company engaged in the supply of crypto services, Matrixport, have conducted their analytics and share their expert opinion. According to their assumptions, on the eve of the next halving, Bitcoin will be able to reach the $63,000 mark. They noted a trend of bottoming 15 months before the significant complication of the Bitcoin mining process, after which the currency begins to show a smooth increase. This is evidenced by historical data on the cycles of the main cryptocurrency.

Markus Thielen, who holds the position of head of research and strategy at Matrixport, is almost 100% sure of this forecast. According to him, the bullish nature will be noticeable in the behavior of Bitcoin prices just before the halving and will be similar to what happened in July 2016 and April 2020. The above dates were also months when there were 15 months left before the Bitcoin halving, and many experts and analysts have repeatedly noted such a growth trend before the start of an important event. In the month of the halving, bitcoin had an average price of 39% higher than in the 15 months before.

In this regard, the global uptrend may begin as early as next month. Experts note that in March 2024, Bitcoin may have a value of $63,160 precisely because it is 39% more than in March 2022, when the cost of the main cryptocurrency was $45,538. However, experts note that technical analysis does not guarantee success, and in most cases helps to understand the nature of the market in the future. Unexpected moments in macroeconomics and the so-called "black swans" can always correct the expected scenario. Recent examples include the coronavirus epidemic and the war in Ukraine.

Markus Thielen believes that there is every reason to believe that the authorities will be softening in the direction of cryptocurrency trading, as a result of which this process will be legalized there. This can happen after the end of the China Party Congress, which is held every 5 years. Some countries are already considering some alternative to the US dollar.

The fourth Bitcoin halving in history was scheduled to take place in May 2024. Due to the network hash rate rising rapidly during the global downtrend, the halving is scheduled for March 2024.

Halving (from the English half - half) is the process of reducing the reward received by the miners by 2 times. So far, only 3 halvings have taken place. They are held every 4 years. From the very beginning of bitcoin mining, the cryptocurrency has rewarded miners with 50 BTC per solved block. On November 28, 2012, the reward was reduced to 25 BTC per block, and on July 9, 2016, to 12.5 BTC. In 2020, the last halving was held, after which, at the moment, miners receive 6.25 BTC for each solved block. Bitcoin mining is done through computers and powerful systems, and in order to stretch the process of its mining, halving was invented, which also contributes to the development of the deflationary model of the main cryptocurrency. Now there are 19,191,662 bitcoins in the world out of 21,000,000 possible, which is 91%. When the miners manage to get 21,000,000 bitcoins, then its production will be stopped. A total of 32 halving events are planned, and according to some calculations, bitcoin mining will stop in 2140.