Stocks Analysis by Investing.com (David Wagner) covering: BlackRock Inc, PayPal Holdings Inc, Block Inc, Bitcoin. Read Investing.com (David Wagner)'s latest article on Investing.com
Buying the crypto is not the only way to profit from the potential rallyhas been facing downward pressure for the past few weeks, with the cryptocurrency trading below $26,000 after hitting a yearly high of nearly $32,000 in July, there are compelling reasons to remain optimistic about its longer-term prospects.
Although the American regulator is maintaining a firm stance, having notably postponed its decision on several proposals a few days ago, there is reason to believe that it will eventually be forced to approve such a product. The launch of such a product would pave the way for a more massive influx of institutional investors into Bitcoin, which could propel the price higher.Another key factor that experts believe will significantly boost the price of Bitcoin is the next halving, due to take place in April 2024. Halvings are technical events programmed into the Bitcoin code that occur approximately every four years.
In a note published this week, Goldman Sachs estimated that this could happen as early as the second quarter of next year.
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