Bitcoin enthusiasts are eagerly awaiting the upcoming halving event, anticipating it to be a major catalyst for BTC’s price surge. With Bitcoin stuck in a tight trading range for over 150 days, the excitement surrounding the potential impact of the halving on its price continues to grow.
Scheduled around April 18, the halving will reduce the supply of newly-mined Bitcoin by 50% per block, creating a scenario where buyers will compete for a diminishing asset. Combined with the expected buyer pressure from newly-launched spot Bitcoin exchange-traded funds (ETFs) in the United States, this could trigger a supply squeeze like never before, leading to significant price movements.
Here are three Bitcoin price forecasts for 2024:
- $130,000 by Year-End: Trader Alan Tardigrade predicts that Bitcoin could reach $130,000 by the end of 2024, nearly doubling its current all-time highs. Tardigrade points to a “cup and handle” pattern forming on the weekly chart, suggesting a potential breakout coinciding with the halving. According to him, this pattern indicates the last opportunity for accumulation before Bitcoin surges above six figures.
- $280,000 Next Year: Charles Edwards, founder of Capriole Investments, foresees Bitcoin surpassing $280,000 per coin in 2025. Drawing on Bitcoin’s four-year price cycles, Edwards believes that if Bitcoin’s post-halving returns mimic those of 2020, the price could skyrocket. Despite expectations of decreasing volatility, Edwards remains bullish on Bitcoin’s potential for significant returns in the coming years.
- All-Time High Within 30-60 Days: Investor Fred Krueger presents a bold prediction, suggesting that Bitcoin could hit an all-time high (ATH) within the next 30 to 60 days. Krueger’s forecast hinges on the influx of capital into the market due to the newly-launched U.S. spot ETFs. With expectations of billions of dollars flowing into Bitcoin, Krueger believes that this surge in capital could propel the price to around $64,000, reaching ATH levels.
These forecasts highlight the optimism and bullish sentiment surrounding Bitcoin’s future price trajectory. As the cryptocurrency market continues to evolve, investors and traders eagerly await the potential for new all-time highs and beyond in 2024.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoassets.