Analysts at QCP Capital noted that in past years, the spot price of the cryptocurrency grew only two to three months after each halving. According to them, if this pattern repeats, bulls have several weeks to create large long positions.
According to experts, at this stage, what is important for the cryptocurrency industry is how the first cryptocurrency will further react to the geopolitical situation around the Middle East and Taiwan. The asset's reaction will serve as an important indicator of how fundamentally sound Bitcoin will be over the long term as an alternative to fiat currency and gold.
Representatives of QCP Capital emphasized that the further increase in the value of BTC will be determined by a large number of macroeconomic factors, including the situation with government debt in the United States and the policy of the Federal Reserve System regarding the key rate.
Earlier, analysts at the brokerage company Bernstein said that Bitcoin is now experiencing a “deFi summer” thanks to a sharp increase in the size of commissions received by miners and thousands of tokens on the Runes protocol.
Source: Bits
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