Scott Melker Shares Bitcoin Price Outlook
In an article published by The Street, Scott Melker, also known as the “Wolf of All Streets,” discussed the upcoming bitcoin halving event scheduled for April 2024. Melker, a renowned trader and investor, explained his belief that the halving could drive the price of bitcoin up to $240,000. He highlighted that during the previous halving cycle, the price of bitcoin surged from $20,000 to $69,000, showing an appreciation of 250.86%. If a similar trend occurs, Melker suggests that bitcoin could reach $240,000 in the next cycle.
The Impact of the Bitcoin Halving
During the bitcoin halving, which happens when the number of mined blocks reaches 840,000, the reward per block decreases from 6.25 to 3.125 bitcoin. This reduction cuts the new supply being issued in half, making it more challenging for miners to profit from mining bitcoin.
Positive Market Sentiment
Other industry experts share Melker’s optimism about the halving and its potential impact on the price of bitcoin. Anthony Scaramucci, founder of Skybridge Capital, expects bitcoin to reach $170,000. Standard Chartered predicts a price target of $200,000 next year, while venture capitalist Tim Draper believes bitcoin could hit $250,000 in 2021.
Hot Take: Bitcoin’s Potential Soars
Scott Melker, the “Wolf of All Streets,” anticipates that the bitcoin halving in April 2024 could propel the cryptocurrency’s price to $240,000. In the previous halving cycle, bitcoin experienced an appreciation of 250.86%. If a similar trend occurs, you could see bitcoin exceed $200,000. This positive market sentiment is shared by industry experts, including Anthony Scaramucci, Standard Chartered, and Tim Draper. As the halving approaches, many investors are optimistic about the future of bitcoin and the potential for substantial price growth. With the market eagerly awaiting the event, all eyes are on bitcoin and its trajectory in the coming years.
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