Copyright © BusinessAMBE 2023
Bitcoin is still on track to reach a value of
In February and
Despite that recent drop,
Several reasons
Kendrick sees several reasons to believe Bitcoin will rise again in the coming months.
- Since its adoption in January, funds traded on the bourses have brought in some
$12 billion , Kendrick estimates. Currently, however, crypto traders are rather cautious. Reason for that are tensions in theMiddle East . Later this year, that could reverse. Once the crypto-EFT market inthe United States matures, the analyst expects inflows of$50 billion to$100 billion over the next two years. - In addition, Bitcoin is also bullish again due to its recent halving. The halving reduces the amount rewarded to bitcoin miners, which reduces the amount of new bitcoin coming into circulation. In the past, this always caused a spike in bitcoin's value. Each of the previous three halves provided new record highs over the next 12 months.
© The Content Exchange, source