Crypto investment company ByteTree released a research report stating that the current Bitcoin market is not a "bear market", but more accurately, a "calm bull market." Although Bitcoin spot price faces huge resistance above $30,000, it will be overcome sooner or later. Additionally, Bitcoin is near 12-month relative highs compared to the S&P 500 and is showing competitiveness among long-dated bonds.
The Bitcoin block reward is expected to be halved in April 2024, reducing the new supply growth rate from 1.8% to 0.9%, making Bitcoin increasingly rare and potentially supporting the price. However, this all depends on the demand for a fixed supply, which is manifested in Bitcoin through its network activity or the USD equivalent value transferred through the blockchain. The current fair value of Bitcoin is above $25,000.
The Bitcoin block reward is expected to be halved in April 2024, reducing the new supply growth rate from 1.8% to 0.9%, making Bitcoin increasingly rare and potentially supporting the price. However, this all depends on the demand for a fixed supply, which is manifested in Bitcoin through its network activity or the USD equivalent value transferred through the blockchain. The current fair value of Bitcoin is above $25,000.