As the highly anticipated Bitcoin block reward halving approaches, set to occur around April 24, 2024, the crypto community is abuzz with speculation about the potential impact on the cryptocurrency’s price. A prominent anonymous analyst has now come forward, suggesting that Bitcoin could experience a substantial surge, potentially reaching $40,000 to $50,000 prior to the halving.
Recent developments in the cryptocurrency market have already fueled excitement. Bitcoin’s price soared following the news that BlackRock, the world’s largest asset manager, had filed for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This move triggered a wave of filings from other financial behemoths, including Fidelity and Invesco, collectively managing an astonishing $27 trillion.
With just nine months remaining until the halving, JPMorgan analysts, led by Nikolaos Panigirtzoglou, have raised concerns about potential financial challenges for Bitcoin miners if the cryptocurrency’s price and transaction costs fail to increase by that time.
Offering a different perspective, PlanB, renowned for developing the stock-to-flow (S2F) model, has released a recently published video presenting a Bitcoin price prediction range of $40,000 to $50,000 leading up to the halving.
It is important to note that PlanB faced criticism last year when his S2F model failed to maintain accuracy. However, in his latest video, he utilized the 200-week moving average as a tool to predict the future trend of Bitcoin’s price. According to his analysis, the 200-week moving average, a commonly used indicator in technical analysis, has been increasing at a rate of approximately $500 per month. Consequently, it is expected to rise by $4,500 within nine months, pushing the price from around $28,000 to $32,000.
Based on this information, PlanB suggests that Bitcoin’s price at the time of the halving could exceed $32,000 and potentially reach a range of $40,000 to $50,000.
Adding to the excitement, prominent financial figures have also weighed in on Bitcoin’s potential surge. Robert Kiyosaki, renowned for his influential book “Rich Dad Poor Dad,” predicts an astounding $120,000 surge in the near term, coinciding with the anticipated launch of a gold-backed currency by the BRICS nations.
Furthermore, London-based multinational banking and financial services firm Standard Chartered has echoed this sentiment, suggesting that Bitcoin’s price could reach $50,000 this year and potentially breach the $120,000 mark by the close of 2024. Geoff Kendrick, a leading foreign exchange analyst at Standard Chartered, recently revised their forecast, citing a 20% “upside” due to increased miner profitability per BTC. This increased profitability will lead to reduced BTC supply and consequently drive the cryptocurrency’s price higher.
With Bitcoin halving on the horizon, all eyes are on the potential price surge. As analysts offer differing perspectives, excitement, and anticipation continue to build within the crypto community, hinting at a promising future for the flagship cryptocurrency
