"Tron Fan Club" Bitcoin Price Prediction Contest Participation - (Prediction of $60k )

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It's no news that the price of bitcoin has a change of value this year. It is currently on $41k plus compared to early January, 2023. In the crypto market, there's always a movement up and down the market. We only predict the price movements as if it were a football match. This year is marked to be the year of bitcoin halving where they'll be a reduction in the total bitcoin of which miners get rewarded. It's also speculated that this year is going to be a big year in the crypto market for investors and Traders.

Little wonder this contest says we should predict the Price if bitcoin this year because it's a certainty that bitcoin will pump during and after the halving month leading to the price exceeded last bull year price. So what do we expect this year and what was the price last bull year that backs up my prediction? This post will justify my answers

Following the market cycle of crypto, we can discern that we're heading to the bitcoin halving year. Last bull run year took place 2021 m, bear market 2022, accumulation year, 2023 and bitcoin halving/bull market this year. So it's predicted that early April, the bitcoin halving would start and we're expecting bitcoin to reach $55k plus. And following that halving, the bull year may likely start. Before the end of the bull year, we're expecting steem price to reach $100k surpassing and this bull year will last till next year. Following this, I think the price of Bitcoin will be $60k June, 2024 for the following reasons .....

• After the halving, they'll be a change in price of bitcoin which would make bitcoin become more scarce and an asset with value. If demand for this asset outstrips the supply, there's a big tendency for the coin to rise. What I mean here is that if there are more buyers seeking the coin because of its wide acceptance, then bitcoin will surely increase. The higher the price, the lower the quantity.

• Another factor is adoption of this bitcoin. If there are major corporations or institutional investors embrace bitcoin as their portfolio, it could lead to increased demand for the coin and appreciation in price.

• Regulations in government making it a legal form of currency can attract more investors and boost the confidence of those who lose interest in bitcoin as a holding asset. Restrictive measures can bring it down. I can recall when China restricted the transaction of crypto among citizens. The top holders of bitcoin withdrew and this affected the price if Steem because of the regulations out in place.

In conclusion, these are the least of factors that can influence the price of Steem in the specified month. Technological advancements and macroeconomics can also contribute. So understanding the crypto market cycle can actually help investors make informed decisions . We bought low during the bull year to sell high during the bull year. So the unpredictable nature of cryptocurrencies can make us uncertain but Understanding these factors can help make decisions that are informed.

Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have

All screenshots are from my binance exchange

I invite @chukwu10, @dar22 and @adunni

Cc,
@tron-fan-club