The US CPI numbers have shown the Federal Reserve’s intention to raise interest rates further in order to reduce inflationary pressures brought on the increased government spending during the epidemic in the previous two years.
There is outflow of funds in Bitcoin and the rest of the cryptocurrency market. Since then, more than half of the over $3 trillion market value of cryptocurrencies has been lost.
Even though Bitcoin has lost more than half of its all-time high of $69,000 in November 2021, it has stayed robust during the bear market.
Since the middle of August, it has stayed within the $24,500 consolidation zone because the rally has failed to overcome this resistance level.
When Bitcoin Bull Run Will Happen !
Crypto trader and analyst Josh Rager said in a tweet on September 14 that a large Bitcoin rally is anticipated to take place in 2024, immediately following the halving event.
His forecast comes at a time when Bitcoin has recently shown signs of a rally before steadily settling around the $20,000 mark. As a result, Rager pointed out that prior to the following surge, investors should anticipate numerous opportunities along the way.
“Reminder that Bitcoin likely ranges for the next year. The real party won’t start until 2024, post Bitcoin halving. There will be some nice opportunities before with both Bitcoin and alts from bounces. Stay vigilant and take the market week by week,” he said.
The trader made the remarks in relation to a tweet he posted on August 25 in which he predicted that the 2024 surge would follow the growth trajectory of the leading cryptocurrency following halving events.
Notably, predictions show that the subsequent halving will take place when Bitcoin reaches 840,000 blocks in early May 2024.
It is important to note that because they affect price behavior, halving events are important for Bitcoin and the wider crypto market. In the past, price increases that were consistent and significant over time have occurred after halves.
The post appeared first on Coinpedia
