Macroeconomic factors and outsized demand for Bitcoin will be the main driver of the price of Bitcoin this year.
The massive overall demand for Bitcoin along with macroeconomic factors will play a far bigger role in driving the price of Bitcoin this year.) halving in April will only be one small part of why the cryptocurrency could see phenomenal gains this year, according to multiple industry analysts.will reduce daily BTC production by about 450 BTC from the current average daily amount of 900 BTC, investment researcher Lyn Alden told Cointelegraph.
Historically, demand for Bitcoin has been more correlated with measures of global liquidity, such as the global broad money supply, Alden stressed, referring to a chart reflecting the BTC price versus global monetary supply .“So I think the halving is important, but it’s only one factor out of many that determines the occurrence and timing of a bull market.
“When Bitcoin made a new high at $68,300, we saw a wave of intraday selling, but every attempt to push down prices has been met with relentless buying,” Thielen wrote in an email to Cointelegraph on March 14. “Despite the possibility that Bitcoin could climb to 146,000 this summer, we keep our 125,000 price target for now as we expect this bull market to continue until 2025.”
“If we do see a slowdown in spot ETF inflows, this could be an indication of the market topping out and running out of steam, but it’s important to note that whilst the ETFs have been a major contributor to the rally so far, they are not the only participants in the space. Other entities such as MicroStrategy and Bitcoin whales continue to accumulate too.”
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