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As the eagerly awaited Bitcoin block reward halving approaches, expected around April 24, 2024, the cryptocurrency community is rife with speculation regarding its possible effects on Bitcoin’s price. An anonymous analyst has recently suggested that Bitcoin may see a significant increase, potentially reaching between $40,000 and $50,000 before the halving event.
Recent occurrences in the cryptocurrency market have already sparked enthusiasm. Bitcoin’s price surged following the announcement that BlackRock, the largest asset management firm globally, had submitted an application for a Bitcoin exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). This development prompted a series of applications from other major financial institutions, including Fidelity and Invesco, which together manage an impressive $27 trillion.
With only nine months left until the halving, analysts from JPMorgan, led by Nikolaos Panigirtzoglou, have expressed concerns regarding potential financial difficulties for Bitcoin miners if the price and transaction fees do not rise by that time.
In contrast, PlanB, known for creating the stock-to-flow (S2F) model, has shared a newly released video that outlines a Bitcoin price prediction of $40,000 to $50,000 as the halving approaches.
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It is noteworthy that PlanB faced backlash last year when his S2F model did not prove accurate. However, in his latest video, he employed the 200-week moving average as a method to forecast Bitcoin’s price trajectory. His analysis indicates that the 200-week moving average, a widely used metric in technical analysis, has been increasing at a rate of about $500 per month. As a result, it is projected to rise by $4,500 over the next nine months, elevating the price from approximately $28,000 to $32,000.
From this analysis, PlanB posits that Bitcoin’s price at the time of the halving could surpass $32,000 and potentially fall within the $40,000 to $50,000 range.
Further adding to the excitement, notable financial figures have also commented on Bitcoin’s possible rise. Robert Kiyosaki, famous for his influential book “Rich Dad Poor Dad,” anticipates a remarkable surge to $120,000 in the near future, coinciding with the expected introduction of a gold-backed currency by the BRICS nations.
Additionally, the London-based multinational banking and financial services company Standard Chartered has echoed this viewpoint, indicating that Bitcoin’s price could hit $50,000 this year and possibly exceed $120,000 by the end of 2024. Geoff Kendrick, a prominent foreign exchange analyst at Standard Chartered, recently updated their forecast, citing a 20% “upside” due to enhanced miner profitability per BTC. This increased profitability is expected to result in a reduced BTC supply, thereby driving the cryptocurrency’s price higher.
With the Bitcoin halving approaching, attention is focused on the potential price increase. As analysts present varying viewpoints, excitement and anticipation continue to grow within the crypto community, suggesting a promising outlook for the leading cryptocurrency.
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