Why The Halving Event Will Push Bitcoin Price To Reach $100,000 In 2024

Bitcoin, still the consensus leader of the pack for the entire crypto market, had an average price of $49,384 in December 2021.

This year, over the first few days of the month, the maiden digital coin is changing hands at a median value of $17,030.

At the time of this writing, BTC, according to the latest data from Coingecko, is trading at $17,210, increasing in value by 2.4% over the last 24 hours.

The digital asset is now -65.9% on its year-to-date performance and has already lost 75% of its all-time-high value of $69,044 that was attained in November 10, 2021.

Still, even with its significantly lowered value, Bitcoin, according to some analysts and experts, still has the capability to surge all the way up to the $100K territory.

Bitcoin At $100,000: In 2023 Or 2024?

In October 2022, Tone Vays, a crypto analyst and derivatives trader, said the cryptocurrency market along with stock market will experience a bullish run in 2023 as capital flows out of Europe and into the United States.

In one of his interviews, Vays said:

“I would be surprised if we’re not approaching that $100,000 [Bitcoin price] sometime next year. I think that there will be a lot of speculative money flowing into the equities market and into crypto markets.”

Image: Investopedia/NoNo Flores

The trader has also suggested that more investors might end up purchasing BTC as FOMO (fear of missing out) sets in and they [investors] wouldn’t want to miss out buying the crypto asset under $10,000.

Meanwhile, other experts believe Bitcoin will reach $100,000 in March 2024 as the date is proximate to the much anticipated halving event that is supposed to happen in spring of that year.

Historically, the cryptocurrency experiences massive price increase during its halving episodes, increasing its value by 1,263% between the 2016 and 2020 occurrences of this important event.

With the trend, it is projected that by March 23, 2024, a single unit of BTC will have a value of $120,263.

What Is Halving?

Halving refers to the process at which the block reward given for Bitcoin miners are cut in half every after 210,000 blocks (roughly every four years).

As the event halves the rate of production of new units of the asset to be released for circulation, it serves as a means for the blockchain to introduce artificial price inflation until the time comes that all bitcoins are already released.

This system is expected to run until the proposed limit for the digital coin, which stands at 21 million, is reached by the year 2140.

BTC total market cap at $331 billion on the daily chart | Featured image: Spain on a Fork, Chart: TradingView.com

#Halving #Event #Push #Bitcoin #Price #Reach


Related Posts

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

Bitcoin continues to see a bullish uptrend across the board, with the derivatives market volume witnessing an upturn in fortunes. BTC prices in futures contracts have begun…

Binance severs ties with Indian crypto exchange WazirX

The debacle between the global cryptocurrency exchange Binance and Zanmai, the operator behind the Indian cryptocurrency exchange WazirX, continues, with a new blog post stating that Binance is…

Why The Shiba Inu Community Is Baffled By Binance 6.4 Trillion SHIB Transfer

Shiba Inu has been making headlines recently as the release of the Shibarium upgrade was teased by Shytoshi Kusama three days ago. However, things might not be…

Sri Lanka against Bitcoin adoption, rejects Draper’s anti-corruption pitch

On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against the corruption…

Layoff Spree Continues: Why This Crypto-Oriented Firm Is Dismissing Some Staff Soon

Last year, many crypto firms and startups went under due to the turmoil in the space. In addition, the devastating impact of the crypto winter affected many…

Value of WisdomTree’s crypto holdings fell 61.9% in Q4

United States fund manager WisdomTree saw the value of its digital asset holdings decline sharply in the fourth quarter, reflecting the prolonged bear market in Bitcoin (BTC)…

Leave a Reply

Your email address will not be published. Required fields are marked *