US CPI numbers showed the Federal Reserve’s intent over the past two years to further raise interest rates to ease inflationary pressures brought on by increased government spending during the pandemic.
There is outflow of funds in Bitcoin and the rest of the cryptocurrency market. Since then, more than half of the over $3 trillion market value of cryptocurrencies has been lost.
Even though bitcoin has lost more than half of its all-time high of $69,000 in November 2021, it has remained strong during the bear market.
Since the middle of August, it has stayed within the $24,500 consolidation zone because the rally has failed to overcome this resistance level.
When Will Bitcoin Bull Run Happen!
Crypto trader and analyst Josh Rager said in a tweet on September 14 that a major bitcoin rally is expected soon after the 2024 halving event.
His forecast comes at a time when Bitcoin has recently shown signs of a rally before steadily settling around the $20,000 mark. As a result, Rager pointed out that prior to the following surge, investors should anticipate numerous opportunities along the way.
“Remind that bitcoin is likely for the next year. The real party after the bitcoin halving will not start until 2024. There will be some good opportunities at first with both bitcoin and alts from bounce. Be cautious and watch the market week by week. .
The trader made the remarks in relation to a tweet he posted on August 25 in which he predicted that the 2024 surge would follow the growth trajectory of the leading cryptocurrency following halving events.
Specifically, the predictions suggest that the next halving will occur when Bitcoin reaches block 840,000 in early May 2024.
It is important to note that because they affect price behavior, halving events are important for Bitcoin and the wider crypto market. In the past, price increases that were consistent and significant over time have occurred after halves.
