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Bitcoin's Next Move: Crypto Analyst Predicts $45,000 Price Ahead of Halving.
Signs Of A Potential Bull Run
According to the recent revelations by Crypto Michael, Bitcoin might be on a brink of a new bull run. In his video, which has garnered over 2,000 views on You Tube, the analyst suggest that the cryptocurrency shows considerable resilience and potential for a surge.
This optimism stems from various indicators and patterns observed in Bitcoin's price action. It's not just Bitcoin's impending rise that Crypto Michael has highlighted.
The analyst also mentions that the altcoin market is warming up for a possible upward trend. The expert believes the significance of this parallel bullish movement for altcoins cannot be underestimated.
It is worth noting that a comprehensive bull market, including both Bitcoin and its altcoin counterparts, could mean significant gains for diversified crypto portfolios .
$45,000 ahead Of The Bitcoin Halving?
Diving deeper into his analysis, Crypto Michael predicts a potential Bitcoin price of $45,000 before the much-anticipated halving event next year. A halving is crucial in the Bitcoin network, where miners' rewards for adding new blocks to the blockchain are cut in half.
This event typically decreases supply and can significantly influence Bitcoin's price. Historically, the crypto market has experienced bullish trends before and after halvings.
This cyclical behaviour has been observed in the past two halvings, with price surges leading up to and following the event. However the current market dynamics have left investors in a speculative state, pondering if history will repeat itself.
Particularly, Bitcoin has shown a bearish trend over the past month, down by nearly 10%. The asset plunged from its high of $30,000 in late July to as low as trading just above $25,000 on Monday. However, Bitcoin's price can be seen to show signs of recovery in the past few weeks.
The asset trades above $26,338 and a market cap is currently up by more than $10 billion compared to it's recent market cap value of below $500 billion, seen earlier this month.
It is worth noting that while its market cap and price have surged over the past two weeks, the assets trading has trended in the opposite direction. Particularly, Bitcoin's daily trading volume has plunged from the $18 billion, in the last 24 hours.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# 4. Buy Ethereum
When you’re buying stocks, mutual funds or exchange-traded funds (ETFs), you’re limited by market hours. For example, NSE’s trading hours are 9:00 a.m. to 2:00 p.m. and the exchange is closed on weekends and certain holidays.
Cryptocurrencies like Ethereum work very differently: Because they’re decentralized currencies, you can buy and sell them around the clock.
To purchase Ethereum, enter its ticker symbol—ETH—in your exchange’s “buy” field and input the amount you want to buy. If you don’t want to buy a whole Ethereum token or don’t have enough money in your account for a full coin, you can purchase a fraction of one. For example, if the price of Ethereum is $2,000 and you invest $100, you will purchase 5% of an Ether coin. This is just like when you purchase a fractional share of a stock.
5. Store Your Ethereum
After your purchase of Ethereum has been processed, you have to store your cryptocurrency. While some platforms will store it for you, some people opt to store their investments themselves to reduce the likelihood they will lose their crypto to a hack. This is understandable, but it’s also important to note that most major exchanges do insure their clients’ holdings and often store the majority of their assets offline to prevent massive theft. What’s more, historically exchanges that have been hacked have reimbursed any losses.
But if you want peace of mind surrounding your crypto, you can choose to move it to one of two types of third-party wallets:
Hot Wallet: A hot wallet is connected to the internet and can be accessed from a computer or smartphone. They’re convenient and are usually provided by cryptocurrency exchange platforms at no additional cost, though you can also use your own if you’d prefer having your crypto off of the exchange. However, because they’re still connected to the internet, they’re at a higher risk of security breaches.
Cold Wallet: Cold wallets, meanwhile, are external devices completely disconnected from the internet. Depending on the type you choose, they usually cost between INR 1500 and INR 39,000 though there are even more expensive versions available. While cold wallets are less convenient than hot wallets—you have to manually connect them to the internet each time you want to access your crypto—they’re safer and may make sense if you own a significant amount of Ethereum or other cryptocurrencies.
#ContentStar##GateioBountyCreator##HotTopicDiscussion##GateLive# Crypto Markets On A Road to Recovery
Overall, the crypto market has shifted from “greed” to “neutral” and now it is “fear”. The world’s largest cryptocurrency, Bitcoin, is now hovering around the much-restricted levels of $25,947 as of September 13, 2023, after touching the $31,000 mark on July 04, 2023.
On the other hand, Ethereum has also shown signs of recovery, corrected a bit and was above the $1,850 level. Ethereum which marked its highest peak since August 2022 after touching the $2,100 level in mid-April 2023. This rally was seen immediately after the successful launch of the ETH hard fork “Shapella”, which can transform the landscape of the crypto coin Ethereum and its applications. Currently, ETH is trading almost 0.99% down and forming a strong resistance at $1,850 levels.
The cryptocurrency market gets usually volatile when it comes to announcements from the US Fed, as crypto experts closely keep an eye on such major developments which can directly impact market liquidity factors and as increasing interest rates can possibly sting equities, commodities and also cryptocurrencies.
Earlier this month, the market witnessed massive support due to several optimistic factors such as inflation-tackling methods and the weakening dollar index in the U.S., which boosted the overall sentiments.
However, if we observe the broader level, then the entire cryptocurrency market including BTC and ETH are showing very little signs of recovery. Moreover, ceiling and interest rate hikes in the U.S., and the inflation data had put the crypto traders in a daunting position. But now crypto markets as a whole, leading the path to resistance before the high jump.
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