GetBlock Magazine – The material does not constitute investment advice and is published for informational purposes only.
What happen? The head of the research department of the analytical blockchain platform CryptoQuant, Giulio Moreno, suggested that the rate will start to rise in the fourth quarter of this year. The forecast is based on a comparison between the current price chart of the asset and the market conditions in the previous half years.
Source: X.com
What else is known? Halving is a programmed event on the Bitcoin network that occurs every four years since the launch of the blockchain and gives miners halving the reward for mining blocks. In particular, Moreno compared price trends in 2016, 2020 and the current year. In April 2024, a halving was also done, as a result of which the reward was cut to 3,125 BTC.
According to the analyst, the current situation in the market is generally similar to what was seen in 2016 and 2020, and since then the price of assets showed a noticeable increase in the fourth quarter, he admitted that the same could thing happen now.
The analysis used the CryptoQuant index, which monitors the profitability of the first digital currency in the half-years. The only year that stands out from the overall picture is 2012, when the first half – then the most obvious price jump happened in the third quarter, and by the end of the year the value of this -assets down slightly compared to this peak.
Before this, the crypto investor Moataz Elside, known by the nickname Eljaboom, also analyzed the Bitcoin price movement in the previous half-year years.
Source: X.com
He noted that in 2016, the rate first fell by 40%, but then grew by 2300%, and in 2020, a fall of 30% was replaced by a rebound of 560 %. Finally, he said that 2024 had already seen a decline of 30%, followed by a consolidation in the price range between the historical peak and local levels. In his opinion, this indicates progress to come in the fourth quarter.
And the analyst and investor Peter Brandt noted in early August that the current decline in BTC is similar to the price movement of the 2015-2017 bull cycle.
Source: X.com
Also, certified CryptoQuant author Axel Adler linked the recent decline in the BTC rate to the actions of bearish traders. According to him, they sell every time there is news about the US government transferring a large number of BTC to exchanges.
2024-08-16 08:08:00
#CryptoQuant #analyst #predicted #increase #Bitcoin #rate #year #GetBlock #Magazine
