Expert predictions point to major BTC price surge
Several analysts think Bitcoin will see a major parabolic uptrend after the next halving in April 2024.
Analyst firm Rekt Capital recently posited a theory outlining the “five phases” of Bitcoin halving. The first phase, the pre-halving period, is marked by potentially lucrative investment returns following any major price drops. According to the analyst, we are currently in this phase, as BTC is constantly fluctuating between $40,000 and $44,000 following its more than 10% surge in November.
As the halving nears, a pre-halving rally is expected, driven by investors looking to capitalize on the hype. However, this is often followed by a pre-halving retrace, as seen in 2016 and 2020, with 38% and 20% dips, respectively. During the post-halving period, a re-accumulation phase sets in, characterized by investor impatience and boredom. The culmination is a parabolic uptrend, propelling Bitcoin to new all-time highs.
Head of the Blockware analysts’ team, Mitchell, challenges the common belief that the halving’s impact diminishes over time. He recently argued that the diminishing new supply percentage doesn’t consider the decreasing available supply due to Bitcoin holders.
Additionally, he emphasized the importance of price determination at the margin and predicted a massive demand influx as Bitcoin reaches its parabolic adoption phase, tapping into global wealth and savings.
Adding to these insights, Scott Melker, known as the Wolf of All Streets, aligns with Standard Chartered Bank’s forecast of Bitcoin hitting $100,000 by the end of 2024. Key drivers for this prediction include the expected approval of U.S.-based spot Bitcoin ETFs and the halving event itself.
These ETFs, potentially including Bitcoin and Ethereum, are anticipated to attract significant institutional investment. The bank also notes Bitcoin’s growing market dominance, fueling optimism for a quicker price increase.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your research and due diligence, or consult a financial advisor before making investment decisions.
