Analysts Forecast Bitcoin Price Surge to $273,000 as Bullish Sentiment Ignites Following Bitcoin Halving
Bitcoin is gearing up for its Fourth halving, a phenomenon that has historically sparked significant price surges. Analysts are now predicting that the world’s leading cryptocurrency could skyrocket to an impressive $273,000, attributing this to a strong demand-supply ratio and historical market trends.
In a recent tweet, crypto analyst Willy Woo shared crucial information about Bitcoin. He revealed that the Bitcoin network is currently receiving an average of $607 million per day in new investor demand, while only $46 million per day is being created through mining. This creates an interesting dynamic as the creation of new Bitcoin is set to be halved in just 60 days.
According to Woo, this reduction in supply could mark a turning point for Bitcoin. However, it’s worth noting that Woo calculates new demand based on the change in the realized cap, which may not account for all buying and selling happening off the main Bitcoin network.
Building upon Woo’s data, MacronautBTC performed arithmetic calculations to estimate daily demand and new supply. By deducting the daily new supply from the daily demand, MacronautBTC arrived at a notable $584 million daily demand. When projected over 250 trading days, this translates to an additional market capitalization of $1.46 trillion.
MacronautBTC’s calculations suggest that every $1 trillion increase in market capitalization corresponds to a $50,000 surge in Bitcoin’s price. Using this metric, the expected additional market capitalization of $1.46 trillion could potentially drive Bitcoin’s price to reach $123,000.
Taking a cautious approach, MacronautBTC also employs a “multiplier” method, similar to Willy Woo. This method indicates a potential threefold increase in Bitcoin’s value relative to the USD inflow. By combining this multiplier with the projected additional market capitalization, MacronautBTC envisions an overall market capitalization of $5.38 trillion within a year, leading to a Bitcoin price surge to $273,000.
Although projections in the crypto market are speculative and contingent on various factors, MacronautBTC’s response reflects the positive sentiment surrounding Bitcoin as the halving event approaches.