Analysts at investment bank Morgan Stanley believethat the bearish trend in the cryptocurrency market may be coming to an end, writes RBC Crypto.
According to Morgan Stanley, Bitcoin’s price has historically reached its trough 12 to 14 months after its peak. In the current cycle, the price of the first cryptocurrency last updated its maximum in November 2021 at around $68 thousand and reached the bottom a year later.
In his opinion, the main stage of Bitcoin growth begins immediately after halving.
According to Galindo, the bull cycle of the entire cryptocurrency market begins with the halving and ends when the price of Bitcoin reaches its previous peak. There have been three such rallies since Bitcoin’s creation, each lasting from 12 to 18 months. However, past performance is no guarantee of future results, and many other factors can affect the price of Bitcoin.
At the end of August, analysts at the venture capital company Pantera Capital wrote that the Bitcoin rate could reach $35 thousand before the halving scheduled for April 2024, and $148 thousand after it. A positive court ruling for Ripple Labs on its XRP token and approval of BlackRock’s application for a spot Bitcoin ETF, in addition to the halving, will provide a strong basis for growth in the BTC market, analysts suggest.
Source: Cryptocurrency
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