After stabilizing above $20,000 following the summer's wipeout, Bitcoin is looking ready for its next step as markets focus on regulation, institutional adoption, and the next halving, according to 3iQ, which is the first regulated digital asset investment fund manager in Canada.
In the future, the time Bitcoin will spend below $20,000 will be very limited, added 3iQ's head of research Mark Connors. A year ago, Pye was projecting for Bitcoin to hit $100,000 in 2023 and then possibly even $1 million this decade. Pye clarified that this price estimate was based on past and future halvings.
In the past, Bitcoin's finite supply and the halving process made massive price surges possible. Bitcoin halving happens every four years, and it is when the reward for mining bitcoin transactions gets halved, which also cuts the rate at which new bitcoins enter circulation. The last bitcoin halving was in May 2020. And the next one is scheduled for May 2024.
Regulation and any news from Congress, the Commodity Futures Trading Commission , and the U.S. Securities and Exchange Commission will have a more significant impact on Bitcoin.
Is gold?
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