The 2024 Bitcoin (BTC) Halving is anticipated to have significant implications for the crypto market. Analysts have been particularly providing insights regarding its impact on Bitcoin’s price trajectory. Insights from analysts Rekt Capital, Robert Kiyosaki, and Bitwise CEO Hunter Horsley provide valuable perspectives on this matter.
How Will 2024 Halving Impact Bitcoin Price?
In a recent YouTube video, Rekt Capital’s analysis outlines the Bitcoin Halving phases, comparing the 2024 cycle with those of 2020 and 2016. The pre-Halving downside phase, characterized by a pullback in the Bitcoin price, has been observed in previous cycles as well. Similarly, the pre-Halving rally phase, marked by new all-time highs, precedes the Halving event.
Notably, historical trends indicate that the pre-Halving rally typically commences approximately 60 days before the Bitcoin Halving event, leading to a surge in the BTC price. However, as observed in the current cycle, a recent retrace of approximately 18% suggests a transition from the pre-Halving rally to the last pre-Halving retrace phase.
This phase historically involves a pullback, with the depth ranging from around 19% in 2020 to 29% in 2016. The recent pullback, reminiscent of previous cycles, hints at Bitcoin borrowing elements from different periods. Furthermore, Robert Kiyosaki’s statement emphasizes the significance of the Halving event as he’s promptly investing in Bitcoin.
He advocates for purchasing Bitcoin, even in fractions, citing the potential for appreciation in value post-Halving. For this, he recommends investing in Satoshis or the newly launched Spot Bitcoin ETFs. Moreover, Kiyosaki’s bullish outlook aligns with his expectation of the Bitcoin price reaching $100,000 by September 2024, underscoring his confidence in Bitcoin’s long-term prospects.
Bitwise CEO Hunter Horsley’s Perspective
In addition, Bitcoin ETF issuer Bitwise’s CEO Hunter Horsley offered valuable insights into the financial implications of the 2024 Bitcoin Halving. He highlighted the significant reduction in BTC mining supply and its potential effect on market dynamics. In comparing the upcoming Halving with the previous one in 2020, Horsley focused on the dollar terms of the supply reduction.
He noted that during the 2020 Halving, when Bitcoin was priced at approximately $9,000. This led to the daily reduction in supply of approximately $9 million, translating to an annual reduction of around $3 billion. However, with the Bitcoin price hovering around $70,000 leading up to the 2024 Halving, Horsley projects a more substantial impact.
He estimates that the daily reduction in supply will exceed $32 million, with an annual reduction surpassing $11 billion. This exponential increase in the dollar value of the supply reduction underscores the heightened significance of the 2024 Halving event.
Horsley’s analysis suggests that the combination of a larger reduction in supply and rising demand for Bitcoin could lead to a more pronounced effect on the market. The substantial decrease in natural selling pressure coupled with increasing investor interest may contribute to a potential surge in Bitcoin’s price following the Halving.
Also Read: Satoshi Era Bitcoin Wallet Comes To Life Before Halving, BTC To $100K?
BTC Price Looms Near $70,000
The Bitcoin price has successfully sustained the $70,000 level. Moreover, it could set the stage for a massive rally after the Halving event. At press time, the BTC price was up by 0.55% to $70,392.78 on Sunday, March 31. Whilst, the crypto boasted a market cap of $1.38 trillion.
On the contrary, the 24-hour trade volume slumped 25.24% to $17.55 billion. Meanwhile, Michaël van de Poppe, a popular crypto analyst, provided a bullish outlook for Bitcoin price. Poppe noted that in a week of sideways movement, Bitcoin has settled around the $70,000 mark. He added that it reflects a period of consolidation in the Bitcoin market.
This stabilization follows the broader trajectory of Bitcoin’s four-year cycle, according to his analysis. Moreover, Poppe’s also insights suggest that despite current price levels, Bitcoin may be on track to surprise many investors in the long run. He anticipates that within five years, the price of $70,000 per Bitcoin could be considered “cheap,” indicating potential for an exponential growth ahead.
Also Read: Crypto Price Prediction: Will Bitcoin Surge to New High Before Halving?
The post Bitcoin Price: How Will The 2024 Halving Impact BTC? appeared first on CoinGape.
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