- The crypto market may break out from its current trading range by 2024.
- So far, the current market is in its narrowest trading range in history.
- Some believe that the market has stabilized already.
Despite yet another market bloodbath experienced by most cryptocurrencies, an expert believes that crypto assets will be able to break out from their current trading range on — or possibly — before 2024.
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According to an article by Bloomberg, this is the “narrowest” trading range recorded for the market so far. Also, the leverage ratios for Bitcoin (BTC) and Ethereum (ETH) are “at the highest on record” despite the fact that they are below half their all-time high (ATH).
In detail, Bitcoin price has fallen below $20,000 once more. At the time of writing, BTC is changing hands at $18,716.51, according to CoinGecko. This is an overnight loss of 5.5%. Meanwhile, Ethereum has sunk to its crucial support level of $1,500, and is down 8.4% in the last 24 hours. Moreover, the total crypto market’s valuation is at $980 billion only.
Given the current bear market, Darius Sit, Co-Founder of crypto investment firm QCP Capital, said that the market has somehow become relatively stable.
He remarked:
Folks think the market has stabilized and are willing to make bigger speculative positions
If the timelines coincide, the crypto market may indeed have a bullish movement in 2024, as this is when the next Bitcoin halving may occur. To bring the uninitiated up to speed, the Bitcoin halving is a fateful event in the crypto market, as the BTC rewards given to miners gets cut by 50%. Currently, the Bitcoin network awards 6.25 BTC to miners for every block.
Historically, Bitcoin halvings always set the stage for a phenomenal rally. For instance, back in 2017, BTC rose from barely $3,000 to a staggering $20,000 before losing its steam. This was around 1 year after the Bitcoin halving. This was the previous ATH before BTC set another in 2021, around 1 year also after the 2020 Bitcoin halving.
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