“The resurgence of Bitcoin smashing the $30,000 mark and the sudden surge in Ethereum and XRP prices signal the end of the crypto ‘winter’, as a Wall Street giant predicts a promising future for digital currencies.”
Bitcoin BTC and other major cryptocurrencies, including Ethereum and XRP, have experienced a sudden surge in value as financial giants BlackRock and JPMorgan quietly prepare for the next bitcoin price bull run. This news comes at a time when the U.S. dollar is on the brink of a potential collapse.
The bitcoin price has soared over $30,000 per bitcoin, gaining 10% in the past week. This increase has also positively impacted the prices of Ethereum, XRP, and other major cryptocurrencies. Analysts from Morgan Stanley have suggested that the crypto winter, a period of declining prices that started in late 2021, may finally be coming to an end. They believe that a significant market shift could be taking place.
The historical halving of bitcoin, which is expected to cause chaos in crypto prices, is just around the corner. Traders and investors can stay ahead of the market by subscribing to Forbes’ CryptoAsset & Blockchain Advisor and signing up for the free CryptoCodex daily newsletter. These resources will provide valuable insights and help navigate the rollercoaster ride of the bitcoin and crypto market leading up to next year’s historical bitcoin halving.
According to Denny Galindo, author of a report by Morgan Stanley Wealth Management, current data suggests that the crypto winter is behind us and crypto spring is on the horizon. Galindo points to the significant rally in bitcoin prices this year, with the price almost doubling in 2023. He notes that a 50% increase in price from bitcoin’s low is typically a positive sign that the market has reached its trough.
Galindo explains that previous price troughs were approximately 83% off their respective highs. Last year, the bitcoin price had fallen nearly 80% from its peak of almost $70,000 per bitcoin. Galindo predicts that the next bull run will begin with the halving event and end once the price of bitcoin reaches its previous peak. The next halving is scheduled for April next year and will result in a 50% reduction in the supply of new bitcoin entering the market.
By intentionally limiting the supply of new bitcoin, the halving can create a shortage that potentially drives up the price and triggers a bull run. Galindo highlights that there have been three such runs since bitcoin’s inception, each lasting 12 to 18 months after the halving.
Other market watchers have also pointed to the impending halving and bitcoin’s price momentum as factors contributing to the current rally. Matteo Greco, a research analyst at crypto investor Fineqia, emphasizes the strong momentum of bitcoin compared to other digital assets. He suggests that growing investor confidence in the approval of bitcoin spot exchange-traded funds (ETFs) and the scheduled halving in April 2024 have prompted investors to favor bitcoin over other cryptocurrencies.
In conclusion, the recent surge in the price of bitcoin and other major cryptocurrencies is fueled by factors such as BlackRock and JPMorgan’s preparations for the next bull run, the potential collapse of the U.S. dollar, and the upcoming bitcoin halving. Traders and investors can stay informed and navigate the market by subscribing to Forbes’ CryptoAsset & Blockchain Advisor and signing up for the free CryptoCodex daily newsletter.