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Analysis: The rise in U.S. stocks may indirectly make it difficult for Bitcoin to reach a record high before the "halving"

Analysis: The rise in U.S. stocks may indirectly make it difficult for Bitcoin to reach a record high before the "halving"

CointimeCointime2024/02/18 01:32
By:Cointime

Cryptocurrency analyst Marcel Pechman wrote an analysis stating that data shows investors expect earnings growth of companies in the SP 500 index to reach 10.9%, higher than 3.8% in 2023. Assuming that the risks brought by current inflation are equivalent to those when Bitcoin reached its historical high, investors may not have the motivation to seek alternative assets. Bitcoin needs an additional increase of 34.5% from the current level of $52,000 to reach a historical high of $70,000, which means the market value of Bitcoin will increase by $350 billion. However, as long as the US dollar continues to depreciate, there is still hope for Bitcoin to rise above $70,000, but this is unlikely to happen before the block reward "halving" in April.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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