Bitcoin Price Could Reach $53k by Christmas
Bitcoin’s price continues to rise in anticipation of the 2024 Bitcoin Halving event where the BTC block reward will be cut in half from 6.25 to 3.125.
If history repeats itself then Bitcoin could reach $53k by Christmas in 2023. Historically, BTC starts rising rapidly in price once Bitcoin enters the 3rd period of the current halving cycle.
During the last halving cycle, Bitcoin traded at around $3,400 in February 2019 but soared to over $7,200 by December 2019.
While Bitcoin is not guaranteed to soar in 2013, it’s clear that crypto markets are recovering from a horrid 2022 performance. Bitcoin is already up 41% YTD so far in 2013 with no signs of slowing down.
Bitcoin should benefit from a softening Fed interest rate hikes and could pump hard once the Fed potentially lowers rates by the end of 2023.
The worst of the crypto bear market is behind us so things are looking pretty good for the rest of the year.