There is a growing anticipation among Bitcoin (BTC) market participants that the upcoming block subsidy halving will lead to new all-time highs for the BTC price. The halving, which is expected to occur on April 18, will result in a 50% decrease in the supply of newly-mined Bitcoin per block, leaving buyers to compete for a dwindling asset. This, combined with the potential buyer pressure from recently-launched spot Bitcoin exchange-traded funds (ETFs) in the United States, could create a supply squeeze unlike any other. This is the leading theory behind the projected transformation of the BTC price in 2024, which is expected to make current all-time highs seem insignificant.
For more than 150 days, BTC/USD has been trading within a rigid range, causing speculation about the impact of the halving on price to intensify. With the differences between web 1.0, 2.0, and 3.0 becoming increasingly apparent, the fight for dominance in the crypto market is heating up. This is evident in the rise of new coins, such as the Elon Crypto Coin, and the increasing popularity of crypto weekly updates. As we look towards the future, it is important to understand the differences between web 1.0, 2.0, 3.0, and even 4.0, and how they will shape the crypto landscape.
One thing is certain, the upcoming halving and the constant advancements in the world of cryptocurrency, such as the recent announcement of Charles Schwab’s involvement in the crypto space, are sure to keep the market on its toes. So stay tuned for more updates on the ever-evolving world of crypto.
Bitcoin Price Predicted to Reach $130,000 by End of 2024
The forecast for Bitcoin’s price discovery varies greatly among popular analysts.
Trader Alan Tardigrade is focused on a potential $130,000 target – almost double the current all-time high – to be reached before the end of 2024.
On Feb. 6, Tardigrade shared a chart on X, showing a “cup and handle” pattern playing out on the weekly chart.
“What if Bitcoin breaks this Cup with Handle Pattern around the time of the Halving (approximately 2 months later)?” he pondered.
In 2023, Cointelegraph reported that several BTC price models converge on a target of $130,000 as an upside destination – although they have a longer timeframe and expect it to be reached by late 2025.
Could We See $280,000 After the Next Bitcoin Halving?
Investors who are willing to be patient may experience a rollercoaster ride in the near future.
According to Charles Edwards, the creator of the quantitative Bitcoin and digital asset fund Capriole Investments, the journey could lead to a staggering $280,000 per coin by 2025.
“If Bitcoin’s returns after the halving are consistent with those of 2020, we could see a $280K Bitcoin next year,” he shared with his followers on X.
Edwards touched on a commonly discussed topic about Bitcoin’s four-year price cycles. This theory suggests that each subsequent peak in the cycle will be less dramatic than the last due to the maturation of Bitcoin as an asset, resulting in a permanent decrease in volatility.
However, in Edwards’ opinion, even the 2020 surge – which propelled BTC/USD from $10,000 in September to $58,000 just seven months later – did not fully showcase Bitcoin’s potential.
“One could argue that this cycle’s returns are lower than those of 2020,” the X post continued.
In an interview with Cointelegraph in February 2023, Edwards described the upcoming halving as the “most significant” one for Bitcoin yet.
“It’s worth noting that none of the previous halvings have ever been priced in, so I expect to see continued multi-hundred-percent returns,” he stated at the time.
Countdown to $64,000 BTC Run
Bold predictions for BTC’s price include reaching all-time highs around the same time as the halving event.
While some believe Bitcoin will continue to decline before the event, well-known investor Fred Krueger has a different perspective, forecasting a price surge much sooner than expected.
In a recent X post on Feb. 4, Krueger presents “the case for an all-time high within the next 30 to 60 days.”
This relies on ETF activity, as the newly-launched U.S. spot products attract more and more capital, as reported by Cointelegraph.
“Within the next 30 to 60 days, there are 20 to 40 trading sessions. I am confident this will result in an influx of 4 to 6 billion USD,” he predicts.
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