For the first time since June 2022, Bitcoin rose above $30,000.
At the time of publication of this review, the largest digital currency was trading at around $30,133. If it becomes a support zone, then BTC could repeat the run of two years ago.
In April 2021, bitcoin reached $65,000, but by the summer it fell to $30,000. After several months of consolidation, the cryptocurrency was able not only to repeat the spring jump, but also set a new record, approaching $69,000 in November 2021.
CryptoQuant’s report talks about the weakening of the correlation between bitcoin and the Nasdaq 100 indicator, which displays the performance of IT stocks.
The correlation index of the two assets fell by about 60% from 0.75% to 0.3%, which suggests that the digital currency is becoming more independent from the traditional market, analysts stressed.
In their opinion, if bitcoin holds above $30,000 before the halving in 2024, then its price could reach $100,000 after the reduction in the reward of miners.
The halving will take place in the spring of next year, and will result in a decrease in the block reward for miners from 6.25 BTC to 3.125 BTC. Accordingly, the supply of cryptocurrency on the market will also decrease, which should positively affect its value.