Bitcoin has always made a bull run whenever a halving event has occurred or nearest to occur. Experts have made their Bitcoin price prediction on the same
Bitcoin price prediction is always a hot topic in the market. Investors always want to get a sneak peek at the future of Bitcoin to obviously fill their portfolios with profits. One such event which always hiked the Bitcoin price prediction is Bitcoin Halving.
Bitcoin Halving is an event which occurs every four years like a Football world cup. In the halving, the rewards are generated before being cut down to half. For example, the first halving took place in 2012 and halved the rewards to 25 BTC. The process was then repeated in 2016 and 2020 when the rewards per block became 6.25 Bitcoins. At the next halving in 2024, these will become 3.15 BTC.
In this upcoming year, experts are done with their analysis and Bitcoin price prediction. It’s a sure shot bull run for the next halving of Bitcoin according to the experts. Since the beginning of this year, Bitcoin has risen to 51% until February and is still 40% above the last price it touched on Dec 2022.
Many crypto trading experts are calling for a nearby bull run as the Bitcoin market is consolidating since February and it’s a very good sign that the King crypto is right now resting a bit.
According to the observations made on March 8 by the pseudonymous cryptocurrency expert Trader TAnalyst (Aurelien Ohayon), Bitcoin might hit $50,000 before the next halving date, which is expected to occur in the first half of 2024, and reach an amazing $200,000 after the halving.
According to him, the next target is $50K and within the next 500 days, Bitcoin could go anywhere between 200K-300K which seems a bit dreamy right now.
This could break all the previous Bitcoin price prediction records as the halving event could boost the prices above the algorithmically generated future prices. This surge could gather a lot of investors, media and new public attention which will be a great opportunity for Bitcoin to hold more eyes on it.
For those who are waiting for the dates for the next halving, here’s a tweet by Carl from the moon. In a tweet he wrote:
“Bitcoin tends to break bullish before the halving. According to my analysis, it looks like the next 6 months should be bullish for #crypto. Thoughts?”
As we have seen the expert’s views, let’s now dive into the actual price predictions.
At the time of publication, the Bitcoin price was $21,652.61 USD, with a 24-hour trading volume of $21,692,146,806 USD, according to CoinMarketCap. Bitcoin has fallen by 1.68% in the previous 24 hours. With a market cap of $418,164,001,633 USD, Bitcoin ranks first. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,312,406 BTC coins.
Bitcoin has evolved since the time it reached the peak level of $69K in 2021. Post Bitcoin ATH, the prices were shredded and fell extremely down messing with most of the nationwide events which caused the whole crypto market a lot of backlashes. Still, the Bitcoin rally didn’t stop.
If we see into the bigger picture, the weekly chart shows exactly what has happened till now. On the weekly chart, Retracement levels show that the BTC has gained and shredded most of its profits in between the 1 and 0.5 Fib levels. Also, it’s worth noting that Bitcoin moved steadily recently in 0.236 to 0 FIb levels. The 0 Fib level which has now become the support has been continuously tested and it’s good news for investors.
The fact that the weekly RSI is at 50 which is a bit below the overbought market is quite intriguing. However, the yellow neutral line is at 46 and going upwards which is a sign of a little bearish move. But, as far as halving is concerned, the prices may follow the uptrend as the supply will be reduced too.
The bulls are struggling to push Bitcoin over the breakdown barrier of $22,800. At present prices, this signals a lack of aggressive purchasing. This might drive the price down to the critical support level of $21,480. In the short term, this is a make-or-break stage.
The moving averages have completed a bearish crossing, and the relative strength index (RSI) is negative, suggesting that bears are in control.
If the price falls below $21,480, the bears will be excited. They will next attempt to drive the price down to the psychologically significant threshold of $20,000. Buyers are likely to defend the zone between $21,480 and $20,000 with all their might, as a breach below this level may result in strong selling.
Despite the fact that Bitcoin (BTC) and the larger crypto market are on the rise in the opening days of the new year, on-chain data suggests that the market is still dormant. According to Glassnode's newest research, the Bitcoin price has shown unusually low volatility in recent weeks.
Yet, according to Bitcoin on-chain data, there is presently no reason to anticipate that the market's ennui will change rapidly. If a move occurs, it will very certainly be an explosive market move, as in earlier cycles when volatility was exceptionally low.
According to the research firm, one of the most essential measures in the on-chain analysis is the Realized Cap. Regrettably, the statistic currently provides BTC investors little optimism for a turnaround in the near future. From the all-time high, the Bitcoin Realized Cap has fallen 18.8%, signifying a net capital drain of -$88.4 billion from the network.
“This makes for the second largest relative decline in history, and the largest in terms of USD realized losses,” Glassnode observes, pointing to the chart below. Only in 2011/2012 was the bear market slump 24% worse.