“Based on current data, all signs indicate that the crypto winter may be behind us and the crypto spring is likely on the horizon,” the analysts wrote.
Estimates vary, but analysis shows that the next halving could occur sometime in April 2024, the company believes. However, Morgan Stanley cautions that the key thing to remember is that past performance is not indicative of future results. Potential risks such as encryption breaks, software bugs, recession or coordinated government action could occur before the expected halving and disrupt the cycle.
“Just as a farmer avoids planting seedlings in the winter or too late in the spring, crypto investors want to know when the crypto spring will arrive in order to maximize the ‘growing season’ of their investment,” financial analysts argue.
Historically, Morgan Stanley says, the price of Bitcoin has bottomed out 12 to 14 months after its peak.
“An increase in price of 50% from the minimum value is usually a reliable indicator that the bottom has been passed,” analysts write.
The day before, Matrixport experts stated in their report that if a spot exchange-traded fund (ETF) for Bitcoin is approved, the rate of the first cryptocurrency could soar to $56,000.
And CryptoQuant believes that if a Bitcoin ETF is approved, the rate of the first cryptocurrency could soar to $73,000, and its capitalization could grow by $155 billion.
Source: Bits
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