Bitcoin Price & Ethereum Forecast: BTC and ETH See Modest 0.5% Shift - Is a Breakout on the Horizon?

Bitcoin Price & Ethereum Forecast: BTC and ETH See Modest 0.5% Shift - Is a Breakout on the Horizon?

Apr 30, 2023

By Ali B. | @ali-b

In the world of cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) have experienced a relatively calm period, with both digital assets seeing a modest 0.5% movement in recent trading sessions. With such stable price action, market participants may be wondering if a breakout is just around the corner for these leading cryptocurrencies.

In this analysis, we'll explore the factors that could contribute to potential price breakouts for both Bitcoin and Ethereum, as well as the key levels traders should keep an eye on.

BTC Network Achieves 75% Progress Towards Upcoming Block Reward Halving

The Bitcoin network recently reached the 75% milestone towards its next block reward halving, with just under 52,500 blocks left to be discovered before the event. This development marks another step in Bitcoin's evolution as it approaches its maximum supply of 21 million coins.

To date, three halvings have occurred, and the next one is expected around April 22, 2024. After the halving, Bitcoin's yearly inflation rate is projected to drop to 0.84%.

Currently, approximately 900 bitcoins are generated daily, valued at around $26,335,800. The Dash network will undergo a reward reduction in less than 53 days, while Litecoin (LTC) will experience a reward halving in about 95 days.