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Home»EXCHANGE NEWS»Bitcoin Will Hit $160,000 in 2024 After Halving, Spot ETF Approval, and Fed Rate Cut: CryptoQuant
EXCHANGE NEWS

Bitcoin Will Hit $160,000 in 2024 After Halving, Spot ETF Approval, and Fed Rate Cut: CryptoQuant

By Crypto FlexsDecember 21, 20233 Mins Read
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Bitcoin Will Hit 0,000 in 2024 After Halving, Spot ETF Approval, and Fed Rate Cut: CryptoQuant
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CryptoQuant said Bitcoin could rise to $160,000 next year due to factors such as halving, ETFs, approvals, and interest rate cuts.

Analysts are optimistic about the potential of Bitcoin (BTC) next year, indicating several factors that could push the price towards $160,000. Bitcoin may already be on its way to more than doubling its current all-time high (ATH), according to a report from blockchain analytics firm CryptoQuant.

A pyramid push for Bitcoin, according to CryptoQuant

CryptoQuant highlighted several indicators, including the upcoming Bitcoin ​​halving in April, increased network activity due to increased demand, and recorded growth in stablecoin liquidity. Additionally, macroeconomic factors, such as expected interest rate cuts next year, could cause Bitcoin to grow even stronger. Analysts wrote:

“On-chain valuation and network indicators signal that Bitcoin remains within a bull market and could target $54,000 in the medium term and $160,000 as the highest price this cycle.”

One of the key factors favoring Bitcoin is the timing of approval of a Bitcoin exchange-traded fund (ETF), expected early next year. The U.S. Securities and Exchange Commission (SEC) is currently reviewing 13 applications and must make a decision by January. The SEC has until January 10 to approve or reject ARK Invest and 21Shares’ ARK 21Shares ETF. The committee also has until Jan. 15 to decide on an application from giant asset manager BlackRock Inc (NYSE: BLK). According to MicroStrategy co-founder and chairman, “This could be the biggest development on Wall Street in the last 30 years.”

Last October, CryptoQuant predicted that $155 billion could enter the Bitcoin market through spot Bitcoin ETFs. According to the company, all this involves is each applicant pledging 1% of its assets under management (AUM). This prediction also puts the Bitcoin price between $50,000 and $73,000.

In addition to the spot Bitcoin ETF, a halving event is scheduled for April next year. In the upcoming event, miner block rewards will be reduced from 6.5 BTC to 3.25 BTC. Historically, Bitcoin begins rallies after an event, although not necessarily immediately after the event. This event is positive for the price of Bitcoin because the halving reduces the number of Bitcoins in circulation.

The market should expect a price correction

The interest rate cut is expected to be positive for Bitcoin as well. Experts predict that the U.S. Federal Reserve will cut interest rates as inflation improves. Interestingly, Goldman Sachs predicted three interest rate cuts next year in March, May, and June. The Fed also hinted that it would cut interest rates by 75 basis points next year, in line with its forecast. The apex bank predicted that inflation will fall to 2.4% in 2024 from the original 2.6%.

Despite this optimism, CryptoQuant cautioned that investors should expect the Bitcoin price to decline slightly. The report says:

“In the short term, there is some risk of a price correction given that Bitcoin holders have historically experienced high unrealized profit margins ahead of price corrections.”

CryptoQuant also noted an increase in mining fees. Mining revenue and fees topped $23.7 million on Dec. 16, a record high, according to the company. This record is mainly due to the recent surge in Ordinals trading volume. In a 24-hour period from December 17th to 18th, Ordinals sales reached nearly $40 million, surpassing NFT sales on Solana (SOL) and Ethereum (ETH).

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