Countdown for Bitcoin Halving Initiates: Will the Price of BTC Surge to $100K or Plummet to $55k?
Excitement is building in the cryptocurrency world as the highly anticipated Bitcoin halving event approaches. Scheduled for April 19, industry experts have differing opinions on the potential outcome. While Bitwise CEO Hunter Horsley predicts a post-halving surge that could push Bitcoin’s price to $100,000, another analyst warns of potential turbulence that could result in a dip to $55,000.
Horsley is confident in his optimistic outlook, stating that many are underestimating the impact of the halving event. He points out that historically, the market has never fully priced in the halving beforehand, and he expects a similar scenario this time. To support his claim, Horsley provides data from the three previous Bitcoin halvings. In the 12 months following each halving, Bitcoin’s price experienced significant increases: 5.4 times in 2020, 2.8 times in 2016, and a staggering 88 times in 2012. Based on this historical pattern, Horsley believes that a $100,000 valuation for Bitcoin is within reach, representing a remarkable 67% surge from its current value.
The driving force behind these predictions, according to Horsley, is sustained new demand and a reduction in the daily availability of sellers. He believes that both factors are promising in 2024, setting the stage for a potentially significant halving event.
However, amidst the optimism, prominent crypto trader Zia Ul Haque raises concerns about escalating geopolitical tensions. Haque points out that Bitcoin bulls are currently defending the crucial support level of $60,000. If they fail to hold this level due to geopolitical turmoil, Haque warns that Bitcoin’s price could retreat to $55,000, potentially triggering a broader sell-off across the cryptocurrency market.
Currently, Bitcoin is trading at $62,023, showing a 1.55% increase over the past 24 hours. Its market capitalization has also surged to $1.22 trillion, demonstrating the ongoing resilience and growth potential of the crypto space.
In conclusion, the upcoming Bitcoin halving event has sparked both excitement and caution among industry experts. While some predict a surge to $100,000, others warn of potential turbulence. The outcome will depend on new demand for Bitcoin and the reduced availability of sellers, as well as the resolution of geopolitical tensions.