More and more data indicate that the halving of the Bitcoin block reward in May will trigger a significant increase in the value of Bitcoin. The latest analysis shows that this flagship cryptocurrency will slowly rise for the rest of the year and eventually exceed its all-time high.
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Bitcoin prices are steadily picking up, but will not hit a record high overnight
Analyst Bitcoin Jack posted a chart on Twitter that examines a series of indicators of Bitcoin's weekly closing price, all of which indicate that a bull market is coming. He tweeted:
"Now in terms of price and time balance analysis, it is ready and the market can start to rise. We have crossed the golden line."
The chart examines the current market's moving average and Fibonacci series and compares them to similar data for the 2013-2017 bull market. There are obvious similarities between many data. Therefore, if this pattern continues, then the price of Bitcoin will show an upward trend for at least the next twelve months.
It is worth noting that Bitcoin Jack did not predict a rapid increase in the price of Bitcoin, at least not according to crypto market standards. Instead, he hinted that Bitcoin will rise steadily, just like the last bull market in early 2018. However, this cryptocurrency may still hit a record high in a few months.
Many other factors affect price movements
Bitcoin's block reward halving continues to dominate the discussion of potential price fluctuations. The halving will reduce the number of new coins entering the market every day by 900. If demand remains the same, it will almost certainly increase the value of Bitcoin. Therefore, there is no lack of other analytical data to prove how this move will change the dynamics of Bitcoin adoption.
On a larger scale, many other actions in the blockchain field may also have a significant impact on the market. For example, after several weeks of decline, Bitcoin's network activity has risen again. This rise coincides with the price recovery, indicating that traders have become more active. Since the entry of Bitcoin ATMs and other fiat currencies is exploding at an alarming rate, investing in Bitcoin has never been easier.
The overall increase in overall blockchain activity is another sign that the market is expected to rise, as various institutions are exploring the adoption of blockchain technology. Given that real-world use will ultimately determine the value of all crypto assets, this factor is an excellent predictor of future value. In fact, in this larger context, global interest in Bitcoin and other cryptocurrencies has never been stronger.
Despite the market decline in the past few weeks, the entire blockchain field is still strong. There are good reasons for outside influences to make people optimistic about the future value of cryptocurrencies.