The date of the 2024 Bitcoin Halving is April 20.
With only 20 days remaining before the event and with the price of Bitcoin reaching $70,000, analysts are optimistic about the sentiment following the Halving.
According to Robert Kiyosaki, Halving might cause the bitcoin price to rise above $100,000 as early as September 2024.
The 2024 Bitcoin (BTC) Halving is expected to impact the cryptocurrency market significantly. Analysts have been especially insightful regarding how it will affect the trajectory of Bitcoin’s price. Hunter Horsley, the CEO of Bitwise, Robert Kiyosaki, and Rekt Capital analysts offer insightful opinions on this subject.
How Might the 2024 Bitcoin Halving Affect Prices?
In a new YouTube video by Rekt Capital, the phases of the Bitcoin Halving contrast the 2024 cycle with those from 2020 and 2016. Earlier cycles have also witnessed the pre-halving negative phase, marked by a decline in Bitcoin’s price. Similarly, the pre-halving rally phase precedes the Halving event, characterized by new all-time highs.
Notably, past patterns suggest that the pre-halving rally usually starts about 60 days before the Bitcoin Halving event, which causes the price of BTC to soar. As seen in the current cycle, a recent retrace of roughly 18% indicates a change from the pre-Halving rally to the final pre-Halving retrace phase.
Historically, there has been a pullback during this phase; the depth varied from roughly 19% in 2020 to 29% in 2016. The latest decline, evocative of past cycles, suggests that Bitcoin incorporates characteristics from other eras. Furthermore, by investing in Bitcoin immediately, Robert Kiyosaki highlights the importance of the Halving event in his remark.
He promotes buying Bitcoin, even in small amounts, because it might increase in value after the Halving. He suggests buying Satoshis or the recently introduced Spot Bitcoin ETFs for this. Furthermore, Kiyosaki’s optimistic view is consistent with his prediction that the price of Bitcoin would hit $100,000 by September 2024, demonstrating his faith in the long-term potential of the cryptocurrency.
The viewpoint of Bitwise CEO Hunter Horsley
Hunter Horsley, CEO of Bitwise, the company that issues Bitcoin ETFs, also provided insightful information about the financial effects of the 2024 Bitcoin Halving. He emphasized the sharp decline in the supply of BTC mining equipment and its possible impact on market dynamics. Horsley compared the impending Halving to the previous one in 2020, concentrating on the supply reduction in terms of money.
He pointed out that Bitcoin’s price was roughly $9,000 during the 2020 Halving. As a result, there was a $9 million daily decrease in supply, which equates to a $3 billion annual decline. However, Horsley predicts a more significant effect, given that the price of Bitcoin would be close to $70,000 before the 2024 Halving.
According to his estimations, there will be a daily drop in the supply of more than $32 million and an annual reduction of more than $11 billion. The economic value of the supply reduction has increased exponentially, highlighting the increased importance of the 2024 Halving event.
According to Horsley’s analysis, a stronger impact on the market can result from a bigger decrease in supply and increased demand for Bitcoin. The significant drop in natural selling pressure and the rise in investor interest could lead to a price spike for Bitcoin after the Halving.
Bitcoin Price Is About $70,000
The price of Bitcoin has successfully maintained the $70,000 mark. Furthermore, it might pave the way for a large rally following the Halving event. As of Sunday, March 31, the price of Bitcoin had increased by 0.55% to $70,392.78. However, the cryptocurrency had a $1.38 trillion market capitalization.
Conversely, the 24-hour trading volume fell to $17.55 billion, a 25.24% decline. In the meantime, well-known cryptocurrency analyst Michaël van de Poppe gave an optimistic prediction for the price of Bitcoin. After a week of choppy trading, Poppe said that Bitcoin has stabilized at roughly $70,000. He continued by saying that it represents a time of market consolidation for Bitcoin.
His analysis shows that this stability is in line with the general four-year cycle of Bitcoin. In addition, Poppe’s observations imply that Bitcoin might be poised to surprise many investors in the long run, even at the current price levels. He believes that the $70,000 price of a Bitcoin might be regarded as “cheap” in five years, suggesting that there is room for exponential development.
