Last Perspectives Ahead of Halving: Experts Reveal their Projections for the Future Price of Bitcoin
As the highly anticipated Bitcoin halving event approaches, experts share their insights on what might unfold for the cryptocurrency’s price. Recent fluctuations have disrupted the relatively stable levels that Bitcoin has maintained throughout the week. Many analysts believe that the forthcoming halving, which will decrease the supply of Bitcoin, is a crucial factor driving these market changes.
Yuya Hasegawa, an analyst at crypto exchange Bitbank, notes that Bitcoin appears to have lost its direction. Nevertheless, he remains optimistic about its short-term potential, speculating that Bitcoin could reach $74,000. Hasegawa also acknowledges the uncertainty surrounding the Federal Reserve’s interest rate decision, which further adds to the complexity of the current market landscape.
The halving event, scheduled for around April 20, will reduce the issuance of new Bitcoin tokens. This reduction in supply coincides with the increasing demand for BTC due to spot Bitcoin ETFs. Jess Houlgrave, CEO of blockchain technology group WalletConnect, predicts a similar pattern to previous halving events, where Bitcoin issuance decreases, creating a supply shock that propels the price of Bitcoin and other digital assets upward. Houlgrave also highlights that the current surge in demand could potentially lead to an even more significant breakout.
It is important to note that this information is purely for informational purposes and should not be considered as investment advice.