Bitcoin Halving: What to Expect for the Price in 2024
As Bitcoin (BTC) approaches its next halving event, experts are weighing in on the potential impact on the price of the leading decentralized finance (DeFi) asset. The halving event, which occurs approximately every four years, will cut the reward for mining BTC in half. This reduction is designed to maintain scarcity and counteract inflation.
$100,000 in the Cards?
A recent survey conducted by crypto trading platform Bitget found that 84% of respondents believe Bitcoin will exceed its 2021 all-time high of around $69,000 after the halving. Additionally, 41% of investors in Western European countries expect the price to surpass $100,000.
Kerel Verwaerde, CMO at crypto exchange Cryptology.com, acknowledges the positive influence that previous halvings have had on Bitcoin’s price. However, he cautions that predicting precise price movements post-halving is speculative and may take several weeks or months to observe significant effects.
Lucas Kiely, CIO of digital wealth management platform Yield App, shares his expectation that Bitcoin could reach $100,000 this year based on previous halving years and its recent performance. Taras Kulyk, founder and CEO of SunnySide Digital, also sees Bitcoin reaching between $60,000 and $100,000 by the end of 2024.
Bitcoin Price Analysis
Currently, Bitcoin is trading at $43,399 with a slight increase over the past 24 hours. It has also gained 3.13% over the previous seven days. While specific price predictions are challenging, there is a possibility that Bitcoin could surpass $100,000 sometime this year following its halving event.
Hot Take: Bitcoin’s Halving Event and Price Expectations
As Bitcoin prepares for its halving event, experts have varying expectations for its price. While many believe that Bitcoin will exceed its previous all-time high and potentially reach $100,000, predicting precise price movements post-halving is challenging. Previous halvings have shown a positive influence on Bitcoin’s price, but it may take several weeks or months to see significant effects. Ultimately, the future of Bitcoin’s price remains uncertain, but there is optimism that it could surpass $100,000 sometime this year.
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