BitcoinAs Bitcoin enthusiasts eagerly await the next halving event, analysts have been fervently crunching numbers and delving into historical trends to formulate predictions on where the crypto giant’s price might be headed. Their findings have given rise to bold projections, with some industry experts placing BTC’s price at an impressive $170,000 post the upcoming halving.
Bitcoin halving is around the corner
With BTC’s next halving event just months away, there is hope that the crypto coin will soar to new heights. Skybridge Capital founder Anthony Scaramucci is among the crypto bulls who predict skyrocketing Bitcoin valuations in 2024 and beyond.
Scaramucci forecasts that Bitcoin will reach at least $170,000 in the 18 months following its halving in April, when the rate of new BTC entering circulation is slashed in half. His estimate is based on past price history, with Bitcoin tending to treble within that timeframe following prior halvings.
BTC’s last halving occurred on May 11, 2020, when the commodity closed at $9,670, according to Yahoo Finance. Almost exactly 18 months later, the asset reached its current all-time high of $69,000.
Prior to the halving, BTC closed at $656 on July 16, 2016, before rising to a peak of $19,783 in December 2017.
Go back and look at Bitcoin halving cycles […] The day that Bitcoin halves, multiply it by four [and] 18 months later and it’s been uncanny that that’s been the price of Bitcoin.
Scaramucci on the Scott Melker podcast
This time, the financier claims his $170,000 price forecast is “conservative,” assuming BTC’s price reaches $35,000 at the time of the halving in April 2024. Bitcoin was trading at $43,000 on Monday.
Let’s say we’re at $50,000 in April; that’s a $200,000 handle. Let’s say we’re at $60,000; we’re at $240,000,” he explained.
BTC’s present market performance
At the time of writing, BTC is worth $43,378.53, down 0.4% from an hour ago and up 3.1% from yesterday. The value of BTC today is 11.2% higher than it was seven days ago. The total volume of BTC exchanged over the last 24 hours was $24,733,944,620. As of today, BTC has a market cap of $856 billion, reflecting a 49.06% crypto market dominance.
BTC market price swings have traditionally followed similar patterns prior to the four-year halving event. Typically, a mid-cycle top is followed by a 30% decline before the halving and the following bull cycle.
On January 30, crypto analyst “Rekt Capital” stated that the pre-halving period, which is characterised by pullbacks, will conclude in two weeks.
Analysts projected a fall to between $34,000 and $36,000 as the ETF excitement faded, but the asset barely fell below $40,000 for a few days last week.
The expert also detailed the five stages of the Bitcoin halving. These included a 126-day pre-halving period, a 63-day pre-halving rally, and a 77-day pre-halving retrace, which brings us to where we are now.
When a 147-day accumulation phase happens, or after the halving, there is a parabolic rise that can last a year. Other positive projections come from Blockstream CEO Adam Back ($100,000+) and Standard Chartered Bank analysts (also $100,000+).
In the long run, mega-bulls like Scaramucci anticipate BTC acquiring half of gold’s market cap, pushing the crypto above $300,000 per coin. Scaramucci credited BlackRock CEO Larry Fink with softening his previously critical opinion on BTC as digital gold.
It takes a very smart leader to pridefully say that Bitcoin sucks and then 24 months later say ‘you know what I got this wrong, BlackRock needs to be a part of this.’
Scaramucci
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