After the FTX collapse in late 2022, the Bitcoin price dropped below $16k, and fear abounded in the markets as many came to believe that the BTC price would fall to $11k.
However, since then the markets have rebounded significantly, and much of the liquidity that evaporated from the markets has since returned, with many now taking the view that FTX marked the bottom of the Bitcoin cycle.
In particular, there are many analysts who believe that the price of Bitcoin could soon break past $24k again once more, as interest in the options markets has been soaring over the past few weeks.
The Bitcoin halvening is now only a year away
One of the most bullish catalysts for the Bitcoin price in the medium term is the upcoming Bitcoin halvening in early 2024, which will cut the BTC block rewards in half.
From this point, miners will earn only half as many Bitcoin per block mined, which means that the inflation rate will be cut in half.
Price of #bitcoin everyday for 14 yearspic.twitter.com/CrFRHVgOo3
— Documenting ₿itcoin (@DocumentingBTC) February 26, 2023
Historically, this has been a hugely bullish catalyst for the markets since it has meant that there is less BTC that could potentially be sold on the market.
Where is the Bitcoin price headed?
The Bitcoin price appears to have developed new support levels, and has been holding strong above the $23k level recently, with lower supports at $22k and $20k.
To the upside, there is significant resistance at $25k, but not much resistance above that until the $30k level, which means that Bitcoin could appreciate significantly if the $25k level is broken.
Many analysts, such as Plan B, have taken the view that the BTC price will accelerate significantly over the course of 2023, and will accelerate further in 2024 and 2025.
For those who wish to gain exposure to Bitcoin, many investors such as Anthony Scaramucci and Michael Saylor believe that now is an incredible opportunity to acquire BTC at historic lows.
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