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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 343461, member: 104606"] [B][SIZE=5]BTC/USD Analysis: Bitcoin Price Rises Ahead of Halving[/SIZE][/B] [img]https://i.postimg.cc/Kjn15x5L/btcusd.jpg[/img] The halving (reduction of block mining rewards) is expected to occur on April 19-20. Theoretically, Bitcoin mining will become less profitable, leading to a reduction in coin supply. Given unchanged demand, this should drive up the BTC/USD price. Ripple CEO Brad Garlinghouse has forecasted that the cryptocurrency market cap will double by the end of 2024, reaching $5 trillion, with Bitcoin's halving contributing to this growth. In practice, Bitcoin price is influenced by too many factors to conclusively prove the bullish impact of halving. For instance, looking at history, the last halving occurred on May 11, 2020, and the price increased by approximately 12% in the following week. On the other hand, today's Bitcoin price might already reflect the imminent halving. Nevertheless, the market currently shows predominantly positive sentiment, as over the weekend, BTC/USD price rose by around 2.5%. [img]https://i.postimg.cc/C5V159VK/btcusdx.jpg[/img] [B][URL="https://fxopen.com/blog/en/oa-btc-usd-analysis-bitcoin-price-rises-ahead-of-halving/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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