The Retail Demand of Bitcoin can double by 2024

Last updated on June 23rd, 2022 at 04:29 am

Bitcoin has seen unprecedented success in recent times because the value of the cryptocurrency has increased by tremendous margins during the last three to five years. Most of the demand has been from investors who wanted it as a long-term investment opportunity, and the virtual currency has certainly lived up to its promise till now. The road ahead also seems to be quite promising as a lot of research by credible apps like btrade signal pro has shown that the retail demand of Bitcoin can double by the 2024 halving.

The most recent research published on June 29 found that interest from retail investors is still on the increase. It is although many observers have long held the belief that industry acceptance will be needed by the virtual currency to pull up the prices. With the 2020 halving just taking place and the Bitcoin (BTC) value hovering around the $9,100 territory, the current value is a long way from the post-halving high that a lot of retail and institutional financial specialists anticipated. But still, there is optimism in the air due to many reasons as we discuss them in the following sections.

• Demand is always picking up – Despite the dull activity that is shown by BTC, a huge number of bullish components have happened during the interim. Record development in the quantity of Bitcoin whales, another record-breaking high number of wallet addresses containing less than 1 BTC, record BTC highs from trades, and Bitcoin as of late accomplishing its third-best Q2 execution ever show massive interest by investors in the virtual currency. Therefore, looking at all these factors, the one thing that can be said for sure is that the digital asset is on the rise, and it is still a favorite among many investors.

Additionally, growing Bitcoin requests from a lot of blue-chip organizations suggest that the demand is originating from both institutional investors in addition to the retail buyers. Thus, the highs that it secures can easily offset the momentary lows that are being witnessed now.

• The real growth started after 2018 – It can be safely said that the real growth of the cryptocurrency started from around the end of 2017 and the beginning of 2018. Sourcing information from a crypto firm, Chainalysis, it can be seen that in April 2020, wallet addresses that had one to ten BTCs had ascended past 500,000. It can also be observed that most of these addresses have been developing each month since the beginning of the 2018 bear market after the cost of Bitcoin hit its pinnacle. It simply shows the level of confidence that investors had on the digital asset despite the downturn.
• The status on a date – Here, we will consider the scenario of the cryptocurrency before the halving event. During the year 2020, much conversation has been around the connection between the equity market and the cryptocurrency. As business sectors failed in March 2020, volatile assets like Bitcoin also quickly went down following the same pattern. There was a sharp drop in the BTC value by more than 50 percent on that Black Thursday, but the demand among retail investors was intact. There was no significant decrease in the number of BTCs that were being held in wallets and linked to the retail investors.

As of date, 900 Bitcoins are mined every day, and this figure is scheduled to drop to 450 by the next halving event in 2024. It is projected that by the 2024 halving, the retail request could surpass 250 BTC every day by and large, or half of the new accessible supply that is mined daily.

• The demand can be a lot more – This retail demand figure could surpass the projected figures as the projected data just took into account those wallet addresses that had whole numbers. It did not incorporate all accounts that had partial BTC possessions. Therefore, while it can be very tough to project Bitcoin’s future value, obviously, retail investors are not going anywhere out of the system by the emergence of institutional investors. If the said forecasts happen as expected, small investors will assume a bigger job by 2024 in the Bitcoin ecosystem.

Thus, looking at the current developments, there is every chance that the retail demand of the digital currency will double by the time its next halving event happens in 2024.