“The Bitcoin halving hype is a lot of ado about nothing,” wrote Peter Brandt on social media.
Brandt acknowledges that such sentiments may cause temporary price fluctuations in the foremost cryptocurrency.
“But if we compare the percentage of supply reduction with daily trading volumes, we get the size of a mosquito’s ass,” Brandt concluded.
On the other hand, experts at CryptoQuant foresee the possibility of Bitcoin’s price surging to $50,000-$53,000 at the start of 2024. This bullish trend is attributed to several factors, including the upcoming halving and the anticipated approval of a Bitcoin ETF by US regulators.
Earlier, analysts at Matrixport predicted that the price of Bitcoin could skyrocket to $125,000 by the end of 2024, as the halving approaches.