In the 16-month period before every halving, Bitcoin tends to appreciate in price. In fact, California-based crypto hedge fund Pantera Capital has modeled this phenomenon and predicted that ahead of the next Bitcoin halving, scheduled for April 2024, Bitcoin will steadily rise in price in 2023 before exploding in value to $149,000. Of course, past performance is no guarantee of future performance. Investors should be buying and holding for the long haul, and not attempting to time the market based on past data. U.S. race for digital dollar fuels case for Bitcoin, says deVere Group CEO The crypto market is incredibly volatile and while you might be frustrated if you’ve missed out on the opportunity to buy the dip this time, another crypto crash is likely on the horizon. Make sure you take profits, ensure you keep some capital in reserve for crashes and remember to keep your cool when the bears move in.
Still, the majority of the crypto crash “has to do with macro, because crypto markets have been diving down since the latest CPI figure,” which was released on Friday, Gritt Trakulhoon, investment analyst at Titan, said in an interview. The U.S. cost of living jumped 1% in May, pushing the rate of inflation to a 40-year high of 8.6%, while showing no signs to slow down. Cryptocurrencies, Digital Dollars, and the Future of Money Economist and financial commentator Peter Schiff took to Twitter to warn people against buying crypto in this dip.