Bitcoin’s extreme price volatility has made many investors in the United Kingdom sceptical of its ability to yield any return on investment. However, since the token was traded at almost £50,000 in November 2021 and now currently valued at £21,701, it could lead to a possible opportunity for investors who know how to leverage this asset. The recent decrease in the searches for “bitcoin” on Google might not depict the true demand for the asset, as total daily bitcoin transactions peaked on May 10, 2023, with over 670,000. In the past year, demand has been stable, and the upcoming halving in April 2024 could further increase demand as anticipation rises. However, the number of active bitcoin addresses has reduced to around 834,276, according to CryptoQuant data. With the FCA warning against investing in crypto and the article predicting slow increase in prices until the next bitcoin halving, investors need to assess the risks against the potential returns.
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