Bitcoin is currently priced at $16.8K with no noteworthy movements overnight or in the last five days. The panic sell-off appears to have disappeared as even the stablecoins have regained their pegs. The market cap is now $847b (+0.2% overnight).
BTC shall soon hit the psychological $17,000 threshold; thus, analysts are predicting its near-term movements.
Meanwhile, the latest buzz in the crypto space is that the highly anticipated Bitcoin’s 2024 halving event could ‘boost’ its price.
Halving events and Price Pumps: What’s The Connection?
Recently, cryptocurrency hedge fund Pantera Capital said that the concurrent 2024 Bitcoin (BTC) halving event would lead to a powerful bullish trend.
Investors are being told by executives at Pantera Capital, including CEO Dan Morehead, that the price of Bitcoin will likely bottom out around November and then surge ahead of the subsequent halving.
Prior to and post the halving events, the price of Bitcoin surged. Similarly, there might be one in the spring of 2023.
Bitcoin hit rock bottom 477 days before the halving, rose steadily leading up to it, and then skyrocketed after it. On average, post-halving rallies last 480 days from the reversal point to the peak of the subsequent bull cycle. In retrospect, the 30th of November 2022 is the last day at which Bitcoin’s historical price could be predicted. After the halving occurs, the market is expected to rise until early 2024. If previous Bitcoin halvings are any indication, the scenario depicted below is possible.
- The forecast for the timeframe indicates that the subsequent halving would occur in March 2024, before which Bitcoin might soar to $36,000 and then continue its bull run to an all-time high of $149,000.
- The 2020 halving reduced the supply of new Bitcoins by 43% relative to the previous halving, but it had a 23% as big impact on price.
- Since most Bitcoins are now in circulation, each halving will be almost exactly half as big a reduction in new supply.
As of this writing, Bitcoin is currently trading at $16,887.