According to a recent prediction from BitQuant, a popular social media commentator, Bitcoin (BTC) is expected to reach a new all-time high before the next block subsidy halving in 2024. The analyst believes that Bitcoin will surpass its current record of $69,000 before April 2024, and then go on to hit a target price of $250,000 after the halving cycle begins.
Pre-Halving All-Time High as a Bullish Sign
BitQuant argues that the emission restrictions caused by the halving events have a positive impact on Bitcoin’s price. The reduction in miner rewards every four years is seen as a catalyst for Bitcoin’s surge to new all-time highs. However, BitQuant believes that this alone is not enough to drive a bull market. The analyst predicts that Bitcoin’s peak price will occur after the halving in 2024, and estimates it to be around $250,000.
Diverging Opinions Among Bitcoin Traders
Bitcoin traders hold different views on how the price will unfold leading up to and after the halving. While some agree with BitQuant’s optimistic prediction, others maintain more conservative estimates. Jesse Myers, a Bitcoin investor and author, dismissed the idea of Bitcoin trading at six figures before the halving. Meanwhile, Filbfilb, co-founder of DecenTrader, set a pre-halving price ceiling of $46,000.
According to BitQuant, Bitcoin is expected to reach a new all-time high before the 2024 halving event, surpassing its current record of $69,000. The analyst predicts that Bitcoin will then go on to hit a target price of $250,000 after the halving cycle begins. However, traders hold different opinions on the price movement leading up to and after the halving.
What is the halving event in Bitcoin?
– The halving event in Bitcoin is a programmed reduction in the block subsidy provided to miners. It occurs approximately every four years and cuts the rewards earned by miners in half.
When is the next halving event?
– The next halving event is expected to take place in 2024, cutting the block subsidy by 50%.
What is the significance of the halving event on Bitcoin’s price?
– The halving event is believed to have a positive impact on Bitcoin’s price. The emission restrictions created by the halving are seen as a catalyst for Bitcoin’s surge to new all-time highs.
Is Bitcoin expected to reach a new all-time high before the halving?
– Yes, according to BitQuant’s prediction, Bitcoin is expected to surpass its current all-time high before the 2024 halving event.
What is the target price for Bitcoin after the halving?
– BitQuant predicts that Bitcoin will reach a target price of $250,000 after the halving cycle begins.