Bitcoin has topped its 2021 all-time high, briefly touching $69,320 per bitcoin on Coinbase before falling back as traders brace for a “big move” that will “astonish everybody.”
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and “uncover blockchain blockbusters poised for 1,000% plus gains” ahead of next year’s historical bitcoin halving!
The bitcoin price has added 360% since dropping to its recent lows of around $15,000 in late 2022—pushing the combined bitcoin, ethereum, XRP
XRP
Now, bullish bitcoin and crypto market watchers are predicting the bitcoin price surge could be just getting started after bitcoin’s “IPO moment.”
Bitcoin’s historical halving that’s expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
The bitcoin price has topped its 2021 all-time high, briefly climbing to over $69,000 per bitcoin.
“With bitcoin reaching a new all time high today, it is poised for accelerated growth in the coming months,” Alex Adelman, the chief executive of bitcoin rewards app Lolli, said in emailed comments, pointing to huge inflows seen by the new Wall Street spot bitcoin exchange-traded funds (ETFs) as driving bitcoin’s 2024 gains so far.
“We have historically seen bitcoin’s prices quickly double after breaking its previous all time highs, and we could see bitcoin’s price increase past $100,000 with the upcoming halving event.”
Bitcoin’s looming April supply cut, known as a halving, will see the number of new bitcoin rewarded to so-called miners who maintain the bitcoin network slashed.
“Following the halving, increased scarcity coupled with strong demand from retail and institutional investors will likely push bitcoin’s price even higher,” Adelman said. “Based on historical trends following the halving, bitcoin’s price could top $150,000 in the next year.”
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has now entirely erased its 2022 price crash, boosting the wider ethereum, XRP and … [+]
Analyst with Standard Chartered have meanwhile forecast the bitcoin price could soar to $100,000 per bitcoin by the end of 2024, while Bitwise’s chief investment officer Matt Hougan has said he thinks the bitcoin price could surge above $200,000 this year due to a “massive supply-demand dynamic” following the bitcoin halving.
“The bitcoin halving typically impacts the bitcoin price positively,” Caroline Bowler, the chief executive of crypto exchange BTC Markets, said via email.
“The mechanism behind the positive impact on price lies in the reduced rate at which new bitcoins are created, leading to increased scarcity. With a diminished supply of new coins entering circulation, there is less selling pressure from miners. Historically, this scarcity has been associated with bullish market trends. Investors often anticipate the halving event, leading to increased demand as they expect the reduction in supply to drive up the value of existing bitcoins. The combination of decreased supply and heightened demand can contribute to upward price movements.”