Bitcoin (BTC): Towards $63,000 by March 2024?

Markus Thielen is the head of research and strategy at Matrixport, a crypto services provider. The analyst talked about what could happen before the bitcoin (BTC) miner reward halving. He made a prediction on the price of the flagship crypto. Discover this one.

Could it be time to massively accumulate bitcoin (BTC)?

According to a recent article from CoinDesk, Markus Thielen predicted that bitcoin (BTC) could trade at $63,000 by March 2024. This is the date Bitcoin will halve the expected reward for mining. Indeed, the blockchain has been programmed in such a way as to periodically undergo a 50% reduction in the pace of supply expansion. The operation is carried out automatically every four years.

Markus Thielen said: “ Prices started to recover 15 months before the next halving (November 2022) and they tend to end at 39% of their trading level 24 months before. This would imply that bitcoin is trading around $63,160 (March 2022 at $45,538*[1 +39 %] = $63,160) by March 2024“.

Markus Thielen’s analysis

The head of research and strategy at Matrixport made his prediction taking into account the movements observed on the Bitcoin market in July 2016 and April 2020. Indeed, during each of these periods, the trend was bullish in the market 15 months before the mining reward reduction. During the month of the operation, the price of BTC was estimated to be 39% higher than two years ago.

A particularly appreciated monetary policy

The fixed monetary policy of bitcoin (BTC) is to decrease the rate of expansion of the supply of the crypto by 50% every four years. It is appreciated by many financial entities, because it enters in contradiction to the constant increase in the supply of fiat currency. It is this policy that encouraged MicroStrategy to make bitcoin (BTC) a reserve asset.

In addition, so far, the Bitcoin blockchain has recorded three operations of halving the reward of mining . After the third operation, which took place on May 12, 2020, BTC prices rose sharply. Indeed, they went from 8,800 dollars to 69,000 dollars, in 18 months.

The next reward reduction for the mining of bitcoin (BTC) was supposed to take place in May 2024. But, the operation will finally take place in March 2024, because the computing power of the miningincreased with the bear market . The event will increase from 6.25 BTC to 3.12 BTC the reward paid to miners for theminingof a block.

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