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Surge in retail investments anticipates 3 bitcoin price drivers
According to JP Morgan's latest report, retail investors are driving bitcoin's recent rally (BTC) to USD 52,000, a rise that the firm's analysts relate to what they see as three major catalysts, among which they cite the pre-halving effect.
By this they refer to the fact that the value of the digital currency tends to increase in volatility as the halving approaches. An event that is expected to occur next April, when Bitcoin will experience its fourth halving, which will take the block reward from 6.25 BTC to 3.125 BTC.
On that note, JP Morgan analysts recall that, historically, bitcoin has seen massive price increases in the months before and after it was halved. This is due to the fact that investors, mainly retailers, anticipate that there will be a higher demand and a lower supply of the crypto asset. This is a fact that is already occurring today, considering the increase in movements from retail portfolios.
According to the firm's statistics, the flow of BTC from smaller portfolios, typically associated with small traders, has already surpassed that of larger portfolios, usually tied to institutional investors. It seems that, after a brief lull in January, individual investors are getting back into cryptocurrencies amid the surge experienced by bitcoin and ether (ETH of Ethereum) in recent months.
JP Morgan also mentions the other BTC price catalysts. It refers to the newly approved spot Bitcoin ETFs and news related to the upcoming Dencun upgrade (expected in March on Ethereum); and the likely approval of an ETF of the cryptocurrency of this same network, scheduled for May.
Source: Cryptonews