Bitcoin Price & Ethereum Forecast: BTC and ETH See Modest 0.5% Shift - Is a Breakout on the Horizon?
In the world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have experienced a relatively calm period, with both digital assets seeing a modest 0.5% movement in recent trading sessions. With such stable price action, market participants may be wondering if a breakout is just around the corner for these leading cryptocurrencies.
In this analysis, we'll explore the factors that could contribute to potential price breakouts for both Bitcoin and Ethereum, as well as the key levels traders should keep an eye on.
The Bitcoin network recently reached the 75% milestone towards its next block reward halving, with just under 52,500 blocks left to be discovered before the event. This development marks another step in Bitcoin's evolution as it approaches its maximum supply of 21 million coins.
To date, three halvings have occurred, and the next one is expected around April 22, 2024. After the halving, Bitcoin's yearly inflation rate is projected to drop to 0.84%.
Currently, approximately 900 bitcoins are generated daily, valued at around $26,335,800. The Dash network will undergo a reward reduction in less than 53 days, while Litecoin (LTC) will experience a reward halving in about 95 days.
The number of "whales" and "sharks" trading Ethereum (ETH), according to data compiled by Santiment, has skyrocketed during the past year. On Friday, the business tweeted that the number of addresses holding 1,000 or more ETH had increased by 380, representing a 5.7% increase year over year.
Significant price shifts, often in a positive direction, have often preceded periods of extreme accumulation in the past. In addition, troughs in prices tend to correspond with this spurt of accumulation.
The current market conditions are likely
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