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BITCOIN BROKE ALL-TIME PRICE RECORD - WHAT TO EXPECT NEXT?
It’s been another record-breaking year for Bitcoin.
The cryptocurrency has been on its way to the moon the last few months, and experts are expecting it to continue to defy expectations over the medium to short-term.
But what are the Bitcoin theories predicting over the coming months? We have put together some analysis from experts to lay out what we can expect to influence the Bitcoin price in Canada moving forward.
WHY DID CRYPTO RISE SO HIGH?
According to some observers, Bitcoin’s soaring value was, in part, down to the availability of spot bitcoin exchange traded funds (ETF), after a decision by the SEC back in January 2024.
What is a Canadian Bitcoin ETF, you might ask?
An ETF essentially spots, or tracks, the Bitcoin price CAD. Its purpose is simple. It is a collection of securities that are traded on stock exchanges and customers can purchase or sell much like traders do with common stock.
Some believe its availability to everyday punters and inevitable increase in use could be cited as a couple reasons for driving up the price. Marko Zlatic, founder of Whiteboard Finance, told Forbes Advisor in a recent news article: “I personally believe that it will positively impact Bitcoin’s price because of increased adoption, easier access to ‘normies’ and increased liquidity in the marketplace.”
Do your research to find the best bitcoin ETF in Canada - it’s a relatively new concept in crypto, and it’s crucial to have complete comprehension of the product before investing.
Then you have the halving - a mystical-sounding, but totally real process, which reduces the rate at which new bitcoins are created and awarded to bitcoin miners by half. It happens every 210,000 blocks that are added to the blockchain - or approximately every four years. It essentially helps keep the cryptocurrency supply in check, maintaining its scarcity, which, in turn, keeps the value. Check the Bitcoin halving chart to see how previous events have impacted the price.
In the past, a halving has helped cryptocurrency increase its value, which is why it's been touted as a potential reason for the recent boom in the market.
WHAT’S NEXT FOR CRYPTO?
It’s not all sunshine and roses, though. After a bull run to end all bull runs, the Bitcoin price CAD forecast looks set for an uncertain period, with some huge decisions expected to impact the currency one way or another.
A bill has been introduced by a pair of senators, Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y, to regulate stablecoin issuers like Tether and Circle. Elsewhere, there are other topical issues that could create some noise.
While a cut in interest rates by the Fed looks increasingly unlikely due to the strong performance of the US economy, there are other factors, too. Rumours are flying about an intervention from Treasury Secretary Janet Yellen in the second quarter refunding announcement, while the Federal Open Market Committee (FOMC) meeting is also due to take place at the end of April going into May, ramifications of which will be felt by investors around the world.
WHY CRYPTO IS HERE TO STAY?
There are several reasons investors can remain optimistic about the long-term profitability in cryptocurrency.
The decentralised nature of crypto means it will always prove a popular counterweight to the stock market manipulation and government intervention we sometimes see in traditional currencies.
The advanced encryption techniques employed in crypto can also make for a safer method for investors to protect their funds.
Ease of accessibility is another factor. Ordinary residents can get in on the action from phones, mobile devices, and laptops, with just a few clicks.
Whatever happens over the coming months and years, it’s safe to say cryptocurrency will continue churning out exciting bull runs, even if they are interspersed with some drop-offs in price.
Thinking of investing? Always check the Bitcoin price in CAD today and follow its movements over recent months.
Stay tuned to our news blog for more Cryptocurrency news predictions.
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